A lackluster in demand for Silico Manganese has been observed post-Diwali holidays as buyers wait for a clearer direction.
Domestic demand for Silico Manganese continues to be thin, and market participants highlighted that purchasing was very low in the week gone by. An official from a Silico Manganese manufacturing Company revealed that he has not received many inquiries after the Diwali holidays.
Silico Manganese offers at INR 64,000/MT (Ex-Durgapur) and INR 63,500- 64,000/MT (Ex-Raipur). SteelMint assessed that buyers are still waiting on the sidelines, postponing their purchases, in hope of a price correction.
In the export market, Indian producers have maintained offer levels as demand from South-East Asia and the Middle-East remain constant.
Export offers are assessed to remain unchanged at USD 1020/MT FOB India for 60-14 grade and USD 1170/MT FOB India for 65-15 grade.
“As the market participants are on wait-and-watch mode, it is difficult to forecast the future trend of the commodity but we are confident that the prices will stay firm,” said a source, expecting the buyers to resume their purchases after holding out long enough for the holidays.
On the future outlook, Silico Manganese offers are expected to remain stable in line with moderate demand for the Alloy and higher Manganese Ore prices.
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