Silico Manganese prices remain unchanged this week amid dull market as sellers have reported challenging market condition.
Silico Manganese prices were unaltered owing to lack of trade in the domestic market. In Raipur, 60-14 grade is offered at INR 57,500/MT (ex-Raipur). According to sources, Prakash Industries is offering at INR 56,000/MT (ex-Champa, Chhattisgarh).In Durgapur, 60-14 grade is currently traded at INR 58,000/MT. Demand remains low in the domestic market on the background of weaker demand from semi finished steel industry.
[su_quote]On the backdrop of low semi finished steel prices and restricted buying interest from participants, I believe that the market has steadied near the bottom, and it’s unlikely to set for a sustained recovery in the near term,” remarked a trader from Raipur.[/su_quote]
Export Market
Demand for Indian origin Silico Manganese remains weak in the export market and prices remain at the same level. 60-14 grade is currently offered at USD 930/MT FoB East Coast of India and 65-16 is at USD 1040/MT FoB East Coast of India. Indian producers have reported of pick up in inquires from South East Asia and Middle East countries. Most of them expect market to get better by the first week of September.
SteelMint assessed that Silico Manganese market will remain sluggish till month-end, as transactions were at low level owing to slow demand. However, after the rainy season, prices are expected to rise provided met with good demand from overseas market.
Exchange Rate: 60.56
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