Silico Manganese trading is now observed to have calmed on softening demand from steel mills in India.
“The demand is moderate with a lack of buying interest from Steel mills from the past few days,” said a producer source while discussing his lowering sales volume. He further added that buyers are in a wait and watch mode as billets prices also went down lately.
SteelMint assessed Silico Manganese prices at INR 66,500/MT (Ex-Durgapur) and INR 65,000/MT (Ex-Raipur).
Despite Silico Manganese demand, sell-side participants expect prices to rise very soon in view of increasing global Manganese Ore prices owing to strong steel fundamentals.
European buyers have returned to the market and Indian producers reported of steady inquiries.
Demand from overseas has been very good and export offers are assessed at USD 1040/MT for 60-14 grade and USD 1170/MT for 65-15 grade.
On the future outlook, offers for Silico Manganese are expected to remain firm with chances of a quick rebound on account of increasing imported Manganese Ore prices.
Leave a Reply