Silico Manganese offers are slightly down as market witnessed moderate levels of trading activity.
“There has been a slight pile-up of stock with the Silico Manganese producers,” said a trader while discussing the marginal fall in prices.
Another source added that the Silico Manganese prices are already record high and any further increase may be detrimental. He said that buyers might lose their interest due to such high offers and hence, the prices need to remain in check.
SteelMint assessed Silico Manganese offers are in the range of INR 71,500-72,000/MT (Ex-Durgapur) and INR 71,000-71,500/MT (Ex-Raipur).
However, it has been heard that a few deals have been concluded at around INR 71,000/MT in Durgapur, but a producer claimed that there could be some difference in grade as for 60-14 grade, the market value is at INR 72,000/MT (Ex-Durgapur).
Demand from overseas is also moderate as European have not returned to the market yet. However, demand from Iran has witnessed a significant rise along with some other Asian countries as well.
Export offers are assessed at USD 1125/MT FOB India for 60-14 grade and around USD 1225/MT FOB India for 65-15 grade.
On the future outlook, market participants are observed to be optimistic as they anticipate prices to edge up mid-January amid expectations of demand from Europe rebounding.
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