Silico Manganese prices have found support at current levels, showing very little indication of change, with a lack of buying interest from Steel mills.
Silico Manganese 60-14 is being offered at around Rs 49,000 /MT (Ex-Raipur) and Rs 50,000-50,500 /MT (Ex-Durgapur). According to sources, Prakash Industries is offering Silico Manganese at Rs 47,000 /MT (Ex-Champa, Chhattisgarh). A distributor reported to SteelMint that Tata's branded Silico Manganese 60-15 Silicomag is being offered at Rs 50,500-51,000 /MT. A Durgapur-based trader remarked, “Prices are stable, but hasn't yet hit the bottom.” He further said that demand is very weak in the domestic market, suggesting greater dependence on overseas sales.
In the export market, Indian producers have maintained offer levels as demand from foreign buyers has been very soft. Silico Manganese 60-14 is being offered at $ 810-830 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at $ 950-960 /MT FOB East-coast India.
On the future trend, most market participants believe there is a possibility of a further price-cut because of weak demand for Finish Steel, and chances of plant shutdowns can't be excluded either.
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