Indian Silico Manganese prices have been stable W-o-W in the domestic market amid oversupply. Durgapur market is adversely affected as most the Ferro Chrome producers in the region have shifted to producing Silico Manganese and the existing producers also operated at full capacity, which brought down the prices as the selling pressure intensified in the Durgapur area. Meanwhile, in Raipur, the prices have been stable, as the producers are unwilling to drop their prices.
Prices of Silico Manganese went down in Durgapur to INR 64,000-64,500/MT Ex-Durgapur and in Raipur, the prices are at around INR 65,500/MT. Although the demand remains tepid in Raipur, the producers are quite firm with their offers. The export market remains dull, and deals are scarce. Silico Manganese manufacturers are in a wait and watch mode on how the Steel market turns out after the Chinese market reopens.
On the future outlook, the export prices are mostly dependent on the Chinese market’s reaction which is severely impacted by the coronavirus outbreak. Meanwhile, in the domestic market, the prices seem to be under pressure and the market participants believe that the prices may trickle down marginally amid oversupply and increased selling pressure.
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