Silico Manganese prices soften slightly on slacker demand as interest and trading dwindled.
In the domestic market, Silico Manganese prices are marginally down as demand from buyers weakens. In Raipur, Silico Manganese 60-14 is being offered at INR 57,500- 58,000/MT (Ex-Raipur). According to sources, Prakash Industries is offering it at INR 56,000/MT (Ex-Champa, Chhattisgarh). In Durgapur, grade 60-14 is currently traded in the range of INR 58,000-58,500/MT.
Silico Manganese prices were generally in line with expectations and reflective of a sluggish market, marred by weak demand. There has been a price decline as Ingot production has come down and hence the demand of Silico Manganese. Market sentiment in India remained unoptimistic, with most seeing further reduction in prices, as construction activities are on a standstill and so is the demand for steel.
Export Market
Silico Manganese export market was weak with low buying interest from overseas players. Silico Manganese 60-14 is currently being offered at USD 940/MT FoB East Coast India and 65-16 is at USD 1050/MT FoB East Coast India. SteelMint learned that the manufacturers of Manganese Alloys are weighed down by deteriorating external demand, as Europe & Middle East buyers have not returned in the market.
[su_quote]A producer from Kolkata remarked, “Export market looks very dull and it is expected to remain weak for this month.”[/su_quote]
Most market participants believe that sparse demand has sapped the Silico Manganese market and till the mid of the month it is expected to remain bearish. SteelMint assessed that Silico Manganese prices were generally in line with expectations and reflective of a slow moving market.
Exchange Rate: USD 1= INR 61.08
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