Silico Manganese offers edge down as market remains quiet witnessing limited trades.
Demand for the commodity in the domestic market is satisfactory as no furnaces are reported to be shut, as inquiries for the commodity remains constant.
“Most of the sellers are supplying a considerable quantity to major steel manufacturers leaving lower amount for small-scale producers,” said a source discussing the domestic market.
Another source claimed that buyers from induction industry might purchase at lower offers as they generally buy low-grade materials.
SteelMint assessed Silico Manganese offers at INR 69,500/MT (Ex-Durgapur) and INR 70,500/MT (Ex-Raipur) but a few producers claim to have conducted deals above the aforementioned price.
Overseas demand for the commodity remains dull and has even served as the prime reason for fall in domestic offers, sources claimed.
Inquiries from Europe stand out to be lower than expected while demand from some of the Asian countries is low and constant.
Export offers are assessed at USD 1100/MT FOB India for 60-14 grade and USD 1200/MT FOB India for 65-15 grade.
On the future outlook, Silicon Manganese offers are expected to remain stable while market participants anticipate demand to gain ground.
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