Domestic market for
Ferro Alloys continued to be dull this week. Selling pressure corrected prices
by Rs 500-1000/MT at few places. However, market participants are optimistic to
see a revival by the end of October.
SiMn 60-14 in the
domestic market is quoted at around Rs 51,500-52,000/MT in the eastern part of
India as manufactures are facing selling pressure. Whereas, manufactures in
South keep their quotes higher at Rs 53,000- 54,000/MT on lower stock
positions. But market players doubt if trade is taking place at such higher
prices since the market is very dull.
According to a top
official from a major manufacturing company for manganese alloys in India, “Market is
quiet. People carrying stocks are trying to reap benefit out of the current situation. Buyer's expectation is very low and it not feasible for us to
cut prices further. Net realization at present in the export market is also low owing
to the Depreciating Dollar against Rupee”.
Speaking about the recent deals he added, “We are mostly
concentrated on the export market as we manufacture high grade material. The
last deal we concluded for SiMn 65/15 was at $1080/MT (FOB Vizag) & a small
quantity of FeMn HC 70% at $1025/MT (FOB Vizag). In the domestic market I have
heard about a couple of tenders being placed in the coming weeks. SAIL is expected to place a
tender next week.”
“We are optimistic about October. Market should improve by the October end or in the
beginning of November. Both domestic & export demand is said to pick up by
then”, he said when asked about the future trend of the market.
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