Indian Silico manganese export prices drop on lower demand from European and Japanese buyers. Current offers for 65-15 grade Silico manganese assessed at USD 800-810/MT FOB Indian main port and 60-14 grade assessed at USD 730-740/MT FOB.
“Falling global steel prices and de-valuating currency has led Indian manufacturers to cut export offers. Japanese spot prices for 65-15 corrected to USD 830/MT CIF also European domestic SiMn prices fell to USD 880-890/MT (Ex- works) this week. ” said an exporter based in eastern region.
Indian domestic Silico Manganese prices continue to fall on high inventory level
Market sentiment in India remained bearish, with most seeing little chance of any upswing in prices till March. 60-14 grade is currently being offered at around INR 45,000-45,500/MT (ex-Raipur) and INR 46,000/MT (ex-Durgapur). Indian producers said surplus supply and weak steel demand were the two primary factors constraining prices
“Low exports and high stock levels at plant site is putting pressure on domestic prices. 60-14 SiMn prices are at around INR 45,000- 45,500/MT (Ex- Raipur) and INR 46,000-46,500/MT (Ex- Durgapur) based on plant to plant ,” stated a big producer from Raipur.
Manufacturers wait for SAIL tender
Indian ferro alloy manufacturer wait Steel Authority of India (SAIL), India’s largest steel producer, to float its purchase tender for Silico Manganese for next quarter. SAIL is one of the largest buyer of Silico Manganese and procures through open tender. Recently SAIL floated tender for purchase of 23,500 MT Ferro Manganese for May- August’15 deliveries.
Exchange Rate : USD 1 = INR 62.7
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