Silico manganese prices edged down but demand continues to remain low.
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, “Buyers are not willing to risk purchasing much when the prices keep falling every week.”
Given limited buying appetite for Silico Manganese in India and the underlying weakness in the steel market, Silico Manganese 60-14 is currently being offered at INR 39,000/MT (Ex-Raipur) and INR 39,500/MT (Ex-Durgapur).
Silico Manganese Export Prices Hold Steady; Sentiment Still Poor
In the export market, Indian Silico Manganese FOB prices had continued on a sharp decline for few weeks on account of weak demand and willingness by sellers to lower prices to attract buyers. However, most Indian producers reported of poor overseas demand and seemed gloomy over the current market situation and said market is unlikely to recover this year.
SteelMint assessed grade 60-14 is currently being offered at around USD 620/MT FoB East-coast India and 65-16 is being offered at around USD 680/MT FoB East-coast India.
“We have received no new enquiries from November, but with the Rupee depreciating again we are considering lowering our offer price to garner some buying interest.” stated a producer from Kolkata.
However, most market sources expect no changes in December, due to limited trading seen in export market now.
Exchange Rate: USD 1 = INR 67.2
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