Indian silico manganese prices reduce by INR 500/t w-o-w due to low demand on bearish steel market sentiments. Moreover, the availability of 60-14 grade has improved in Raipur, which has led to a further fall in prices by INR 750/t w-o-w.
The demand in the export market is dull, with limited transactions taking place. In the export market, prices are currently lower than the domestic levels, which is also a matter of concern for the producers, as they worry that this may pressurize the sellers to sell at lower levels.
The transactional prices remain in the range of INR 59,500-60,000/t for immediate deliveries in Durgapur and INR 60,500/t for Raipur. However, the prices are INR 500/t lower than the stated levels for dispatches after 3-4 days. The export prices are at $780-790/t for 60-14 grade and $840-850/t for 65-16 grade.
Outlook:
Market participants believe that the buyers are reluctant to purchase the alloy, as they are certain that the prices will fall further. In the meantime, Manganese ore prices are continuously falling putting more pressure on silico manganese prices. Furthermore, the pressure is intensified, with the falling export prices which are now almost same to the domestic levels, or even lower in some cases.
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