Sell-side players remained firm on offers, but have met with limited buying interest at these levels.
Silico Manganese producers will find it difficult to hold its offers as the market is witnessing a sharp dip in Semi Finish and Finish Steel prices. It is shaking market confidence in steel fundamentals, and demand for Silico Manganese is weakening as a result, with buyers being cautious and waiting for prices to settle downwards.
The current offers for silico manganese 60-14 is INR 64,500-65,000/MT (Ex-Raipur) and INR 63000/MT (Ex-Durgapur).
“With fall in billet price by around INR 1000/MT across India in one week, the demand for silico manganese also stalled,” mentioned a producer source.
SteelMint assessed that the buyers of silico manganese are reluctant to pay high prices to cope with their low revenue margins.
In the export market, Indian producers have kept offer levels firm in line with strong Rupee. The export prices for silico manganese 65-16 remains sable at USD 1,050/MT and 60-14 at USD 930/MT.
The tone of the market remains distinctly cautious and prices for Silico Manganese in India is expected to correct in the next 2-3 days, also depending on the Ingot prices which is the best indicator for Silico Manganese.
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