Silico manganese prices continue their downtrend as buyers cut offers amid sluggish demand.
Silico manganese prices continue to decline W-o-W as sell-side players continued to lower their offers owing to limited buying interest. 60-14 grade is being offered at around INR 49,500/ MT (ex-Raipur) and INR 51,000/MT (ex-Durgapur). Market sentiment in India remained unoptimistic, with most seeing no chance of any upswing in prices till mid-February.
A Raipur based producer remarked, “An overhang of supply in the market with already weak steel demand has caused pricing opinion to turn bearish.”
Export Market
Indian producer sources said no inquiries were received in the export market as there was no interest from buyers, while, prices looked to be on a negative trend. 60-14 Silico manganese is being offered at around USD 790/MT, FoB East Coast of India and 65-16 grade is at USD 900/MT, FoB East Coast of India. In spite of the Rupee appreciating, Indian producers have to cut their offers as there is very weak demand from the international buyers.
Market participants said, Silico manganese activity over the week had slowed to what appeared to a halt. SteelMint assessed, India’s Silico manganese market has closed to bottom level.
Exchange Rate : USD 1 = INR 61.6
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