Prices of silico manganese have found support at current level, although plagued by a lack of buying interest.
Given limited buying appetite for Silico Manganese in India and the underlying weakness in the steel market Silico manganese grade 60/14 is being offered at around INR 63,500/MT (Ex-Raipur) and INR 64,000/MT (Ex-Durgapur).
In the export market, Indian producers have maintained offer levels as demand from foreign buyers has been very soft. However, few producers also revealed that demand from the Middle-East is good and European buyers are also started returning to the market from their summer holidays.
SteelMint assessed that grade 60-14 is being traded at USD 1000/MT FOB East-coast India, and grade 65-16 is being offered at around USD 1100/MT FOB East-coast India.
SteelMint assessed that as Steels fundamentals have shown no sign of improvement, end-user demand for Silico Manganese will continue to be capped.
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