Silico manganese prices have come down owing to lack of domestic demand.
Buying interest for silico manganese continued to dwindle on account of GST (Goods and Service Tax) implementation, as it is the major concern for Indian Steel Market at present. Market sources agreed it was hard to see any demand picking up in June, as buyers are cautious on maintaining low stock levels.
SteelMint assessed grade 60-14 prices at around INR 64,500/MT (Ex-Raipur) and (Ex-Durgapur).
A producer referring to the lack of demand for the Alloy said, “Prices for silico manganese could come down further in the domestic market as trade volumes shrunk recently due to the uncertainties regarding the implementation of GST.”
Indian-origin Silico manganese demand in the export market was visibly steady this week with prices remaining firm. Silico Manganese 60-14 is being offered at USD 1000/MT FoB East Coast of India and 65-16 grade is being offered at around USD 1100/MT FoB East Coast of India.
Market sources expect the Silico manganese market to remain stable and are waiting to see what direction the market takes post GST implementation from 1st July’17.
Leave a Reply