Silico Manganese prices remain unchanged this week, amid a pessimistic demand outlook.
Silico Manganese market appeared to be calm, with prices and demand remaining stable. Grade 60-14 is being offered at around INR 58,000- 58,500 MT (Ex-Raipur) and INR 59,000/MT (Ex-Durgapur). Market watchers see the domestic spot price hovering around the current range in the near-term.
[su_quote]“I don’t think prices will have a rise when actual demand is so soft. Really, there is not much end-user buying taking place,” remarked a producer based in Raipur.[/su_quote]
SteelMint assessed that although Ingot prices are holding strong, production of Ingot is very low owing to power cut in several steel producing regions. Hence, demand for Silico Manganese is also low from induction furnaces, which have had to scale down their production.
Export Market
Indian producers of Silico Manganese reported of poor overseas demand and seemed gloomy over the current market situation. Demand for Indian origin Silico Manganese remains weak with prices marginally coming down. Silico Manganese 60-14 is being offered at around USD 945-950/MT FoB East Coast of India and 65-16 grade is at USD 1,060/MT FoB East Coast of India. In view of low demand from the export market, some Indian producers have cut their offers to garner greater buying interest.
[su_quote]A producer source from Kolkata stated, “Trading activity in the export market is slow as the European nations and Middle East countries are on holiday.”[/su_quote]
Silico Manganese market weakened slightly on poor end-user demand. On the future outlook, SteelMint assessed that prices were generally in line with expectations and reflective of a sluggish market, marred by moderate demand.
Exchange Rate:USD 1= INR 60.05
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