Silico manganese prices are stagnant amid slack trade. There is no expectation for any immediate price uptick in the market.
According to participants, weak domestic demand has kept Silico manganese prices unchanged. Current price for 60-14 grade is around INR 57,000-57,500/MT (ex-Raipur) and INR 57,500/MT (ex-Durgapur). According to sources, Prakash Industries is currently offering Silico manganese at INR 56,000/MT (ex-Champa). Market sources are of the view that buyers were not looking to seriously commit and prefer to ride out the next few days as most buyers believe that Silico manganese prices can come down further.
“There is bearish market sentiment, which is mainly to do with finished steel prices and uncertainties about the future that has resulted in muted demand for Silico manganese,” remarked a producer from Raipur.
Export Market
Silico manganese price continue to be on the same level in the export market as buying interest remain subdued. 60-14 grade is being offered at around USD 920/MT FoB East Coast of India and 65-16 grade is at USD 1,010/MT FoB East Coast of India.
SteelMint assessed that there is indication of low demand and prices may fall further in the next two weeks, that’s why some traders are currently out of the market. After Diwali festival when more construction activity is set to generate, there will be rise in demand for steel products and hence, raw material such as Silico manganese prices could again bounce back.
Exchange Rate: USD 1= INR 61.19
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