As market participants wait for clear direction, Silico Manganese offer remains unchanged with limited trade activities.
“Following a down-trend in the steel industry in India, prospective buyers have held back from procuring material in order to get a clear market direction,” said a producer source on the softness in demand.
“Albeit increase in Manganese Ore, an uptick in Silico Manganese prices is yet to be seen,” added another source from Durgapur referring to weak demand for the commodity.
SteelMint assessed Silico Manganese prices at INR 66,000/MT (Ex-Durgapur) and INR 64,000/MT (Ex-Raipur).
SteelMint learned that inquiries from overseas have been increasing constantly. However, the export offer remains unchanged at USD 1050/MT FOB India for 60-14 grade and USD 1190/MT FOB India for 65-15 grade.
In view of the present demand for 65-15 grade from seaborne market, producers claimed to have offered at USD 1200/MT or higher. However, deals have not been concluded yet at their quoted offers.
On the future outlook, sell-side participants are confident of their offers finding acceptance in the overseas market, while, buyers in India are on wait-and-watch mode as they are observing the market very closely to get a certain direction.
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