Silico Manganese prices remain unchanged over the past week as buyers express reluctance to purchase.
Silico Manganese prices remain static this week on softer market condition and weak end-user demand. In Raipur, 60-14 grade is being offered at INR 57,500/MT (ex-Raipur). According to sources, Prakash Industries is offering it at INR 55,500/MT (ex-Champa, Chhattisgarh); down by INR 1,500/MT from last week. In Durgapur, 60-14 grade is currently being traded at around INR 58,000/MT. Most producers have opted to reduce production level in sight of poor demand from steel mills.
A Silico Manganese producer based in Raipur remarked on the current market scenario, “Prices have declined on the background of persistent problem of overcapacity in India as well as demand has failed to match the supply.” Another producer source revealed that the number of inquiries from steel mills had vastly declined – as trade activities rapidly reduce during the monsoon season and chances of a price cut can’t be ruled out.
Export Market
Silico Manganese producers are timid with no keen buying interest from overseas players. Silico Manganese 60-14 is offered at USD 930/MT FoB East Coast of India and 65-16 grade is at around USD 1,040/MT FoB East Coast of India. Indian producers reported that the export market was dull with very low demand.
SteelMint assessed that Silico Manganese market will remain stable and a slight price correction could be expected by the next week.
Exchange Rate: USD 1= INR 60.87
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