Offers for Indian Silico Manganese reflected stability on account of soft demand in the market due to the festive mood.
“Demand for Silico Manganese is low but constant, the logistical issue during the festival of Durga Puja in West Bengal has disrupted the supply,” said a producer source justifying the stability in the commodity’s price. Moreover, he also added that some of the plants also postponed their purchases owing to the event of this festival.
SteelMint assessed Silico Manganese offers at INR 64,000/MT (Ex-Durgapur) and INR 63,500/MT (Ex-Raipur).
“Most of the Ferro Alloy producers in Durgapur are producing Silico Manganese, leading to huge supply and are quoting anonymous prices creating a discomfort in the market,” said a source adding that the offers remain the prime influencer.
Overseas offers for Silico Manganese remain constant as well in line with its demand. Export offers were assessed at USD 1050/MT FOB India for 60-14 grade and USD 1190/MT FOB India for 60-15 grade.
A producer source revealed that the merchandisers are unwilling to purchase as their GST reimbursement due still remains blocked. As he opined, this might turn out to be an issue if it continues for a long-term and will affect exports.
On the future outlook, the sell-side participants are of the view that stability will prevail in the market unless demand rebounds.
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