Silico manganese market extended its downtrend as buying interest for the material dissipated.
SteelMint assessed silico manganese prices at INR 38,500/MT (Ex-Durgapur) and INR 39,000/MT (Ex-Raipur), down by INR 500/MT from last week’s prices.
Buying interest for silico manganese continued to dwindle, amid a gloomy market outlook. Market sources said it was hard to see any demand picking up and so it is very doubtful whether prices will increase or not.
A Raipur based producer stated, “Sellers have cut their offers to entice buyers, still there is very little demand. There is also ample supply in the market which is further restricting upward price movement.”
Inquires Picks up in the Export Market
Silico manganese producers report that inquires have started coming in from the export market, mostly from European and South-East Asian countries. So producers are hopeful that export market will become better in the near-term.
“We are receiving good number of inquires in the market. It is to be seen whether this latest development results in an increase in prices,” said a producer based in Kolkata.
SteelMint assessed that grade 60-14 is being traded at USD 600/MT FOB East-coast India, and grade 65-16 is being traded at USD 655/MT FOB East-coast India.
On the future outlook, most market sources said that demand was not strong enough to support any price rise and believe that prices would remain at these levels over the next few weeks.
Exchange Rate : USD 1 = INR 67.5
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