Sell-side players raised offer levels, anticipating a resurgence in demand, but have met with limited buying interest at these higher levels.
SteelMint assessed that the Indian Silico Manganese market has not been much affected by the implementation of GST on 1st Jun’17. As per sources there has not been any change in demand and buyers are still uncertain regarding making purchases.
No significant price movement was noted in the Durgapur Silico Manganese market. Sources in the market continue to suggest that there was minimal activity in the market but believe that demand is likely to improve in the near future with higher offers finding acceptance. Silico Manganese 60-14 is being traded at around INR 64,000 /MT (Ex-Durgapur).
In Raipur, the price of Silico Manganese has risen on reports of buying interest from mills that are low on inventory. Moreover, increase in Manganese Ore prices by MOIL has lent further support to higher offers. Silico Manganese 60-14 is being offered at around INR 66,000 /MT (Ex-Raipur), but most deals were heard to be concluded in the range of INR 64,000-65,000/MT.
Indian producers have decided to keep the price of Silico Manganese rigid in the export market. Silico Manganese 60-14 being offered at USD 1000 /MT FOB East-Coast India, and Silico Manganese 65-16 is being offered at around USD 1100 /MT FOB East-coast India.
SteelMint assessed buyers wanting Silico Manganese would have to accept the increased offers as sellers would be unwilling to sell at lower levels.
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