India's domestic Silico Manganese maintained a downward trend, amid tumbling steel prices and weak sentiments. Silico Manganese 60-14 is currently being offered at around Rs. 49,000 /MT (Ex-Raipur) and Rs. 50,000 – 50,500 /MT (Ex-Durgapur). According to sources, Prakash Industries is offering Silico Manganese at Rs. 47,000 /MT (Ex-Champa, Chhattisgarh). A distributor reported to SteelMint that TATA's branded Silico Manganese 60-15 Silicomag is being offered at Rs. 50,500 – 51,000 /MT.
The biggest problem for the Silico Manganese market remained weak steel margins, which constrained demand from steel mills who continued to buy hand-to-mouth. A Silico Manganese producer remarked, “If mills asked for more discounts, we will have to stop production.”
The weakened rupee against the dollar, has allowed Indian players to further cut their offers. Silico Manganese 60-14 is currently being offered at $ 810-830 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at $ 950-960 /MT FOB East-coast India.
SteelMint assessed that as Steels fundamentals have shown no sign of improvement, end-user demand for Silico Manganese will continue to be capped.
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