Indian Silico Manganese prices are under pressure after its demand failed to rebound.
SteelMint assessed the current offer for Silico Manganese grade 60-14 at INR 64,000 (Ex-Raipur) and INR 64,500 (Ex-Durgapur). However, several producers at Raipur are quoting at INR 64,500/MT, but deals were mostly heard concluded at INR 64,000/MT.
Buying interest for silico manganese continued to dwindle, amid a gloomy steel market. Market sources said it was hard to see any demand picking up and so Silico Manganese prices is unlikely to increase, with supply exceeding demand.
Silico manganese producers reported of inquires rising from the export market, mostly from the Middle-East. So producers are hopeful that export market will become better in the near-term.
“We are receiving good number of inquiries from overseas. It is to be seen whether this latest development results in an increase in prices,” said a producer based in Kolkata.
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.
On the future outlook, most market sources said that demand was not strong enough to support any price rise and believe that prices would remain at these levels or drift marginally downwards during the next few weeks.
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