Silico Manganese prices have found support at current levels, showing very little indication of change, with a constrained buying interest from Steel mills
Domestic demand for Silico Manganese continues to be thin, and market participants highlighted that purchasing was low in the week gone by amid low Ingot production in the country, which is generally a good indicator of the market. Silico Manganese 60-14 is being offered at INR 52,500 /MT (Ex-Raipur) and at INR 53,500 – 54,000 /MT (Ex-Durgapur). According to sources, Prakash Industries is offering Silico Manganese at INR 52,000 /MT (Ex-Champa, Chhattisgarh). A distributor reported to SteelMint that TATA's branded Silico Manganese 60-15 Silicomag is being offered at INR 54,000 /MT and Silico Manganese 50-12 at INR 43,500 FOR West Bengal. A Durgapur-based trader remarked, “Prices are stable, but there are chances of prices correcting.” He further said that demand is weak in the domestic market, suggesting greater dependence on overseas sales.
In the export market, Indian producers have kept offer firm in line with the Indian Rupee stabilizing, and with high cost of production as the Manganese Ore which was booked earlier at a much higher exchange rate have reached India just recently. Buying interest was firm from Japan, Turkey and other European countries. Although, most European buyers have satisfied their requirements for this year and are unlikely to be back for a few weeks at least. Silico Manganese 60-14 is being offered at $ 870 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at $ 980 /MT FOB East-coast India.
On the future outlook, buying interest in Silico Manganese could be under pressure, as the industry is facing a supply overhang.
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