Silico manganese prices receded down this week as buying activity was limited along with increased supplies.
The Silico Manganese market in India has been under the grip of uncertainty, arising from the imminent change in market dynamics on account of implementation of Goods and Services Tax (GST), from the onset of July. This has let to demand softness as most buyers are willing to take the delivery only after end of June. This has also led to a decrease in Silico Manganese prices.
“The buyers are only purchasing only as much is required for immediate consumption and that too in small quantities,” mentioned a producer source referring to the softness in demand.
SteelMint assessed the offer price for silico manganese 60/14 at INR 64,000/MT (Ex-Durgapur) and in the range of INR 63,000-63,500/MT (Ex-Raipur).
There was no such price revision for the export market. Currently, the export offers for Silico Manganese 60-14 is unchanged at USD 1000/MT and 65-16 is being offered at around USD 1100/MT.
On the future outlook, market participants are of the view that any upward correction in Silico Manganese prices is unlikely.
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