Indian Silico Manganese Export Increased by 33.6% in Jul’16

The total quantity of silico manganese exported from India in month of Jun’16 was 28,192 which increased in Jul’16 by 33.6% summing up to 37,667 MT.

SteelMint assessed in Jul’16 exports have increased to many countries like Italy, Japan, Netherlands, Turkey, Iran, U.A.E, Pakistan Saudi Arabia, Vietnam, Philippines and Indonesia.

Total Indian Silico Manganese export to Italy was 3,864 MT in Jun’16, which increased to 5,799 MT in Jul16. Similarly, to Japan a total quantity of 3,831 MT was exported in Jun’16 which rose in Jul’16 to 4,158 MT.

To Indonesia a total quantity of 378 MT was exported in Jun’16 which increased sharply to 1,162 MT in Jul’16.

On the other hand, in Jun’16 total export to Taiwan was 2,297 MT which decreased in Jul’16 to 1,480 MT.

Silico Manganese Exports Offers Unchanged on Sluggish Buy-Side Sentiment

Sentiment among market participants was bearish on the whole, as buyers were not interested in purchasing at higher levels.

Prices of silico manganese in the export market were unchanged inquiries from China and other Far East Asian countries have vastly diminished. The market is relatively calm as buy-side participants seemed to shrink away. Silico Manganese 60-14 is being offered at USD 720 /MT FOB East-coast India, and 65-16 is being offered at USD 770/MT FOB East-coast India.

Domestic Silico Manganese Prices Drops as Buying Spree Subsides

Prices of silico manganese dropped this week, as buyers seemed to have met their immediate requirements.

Facing sluggish end-user demand, producers of silico manganese have lowered their offers, with deals concluded at INR 49,000/MT (Ex-Durgapur) and INR 50,500/MT (Ex-Raipur).

“I’m not optimistic. There’s very limited business being done, so it’s difficult to say where prices are today,” states a producer from Raipur. The lack of interest was not surprising given the lack of end-user demand from steel mills.

The short-term expectation is for prices to stabalize with a slight downward price movement also a possibility.

Source: Customs Data