Silico manganese prices go down marginally on poor end-user demand. Sources reported of a soft market.
Silico manganese prices are down this week in the domestic market as demand and previous week’s price level were not matching with buyers’ expectation. Silico manganese 60-14 is being offered at INR 46,500-47,000/MT (Ex-Raipur) and INR 46,000/MT (Ex-Durgapur). According to sources, Prakash Industries is offering silico manganese at INR 46,000/MT (Ex-Champa, Chhattisgarh). Chhattisgarh Mini Steel Plant Association was on strike in the last week, which resulted in absence of any demand for silico manganese in Raipur. Enquiries have started coming in today, but, demand is reported to be very modest.
A Raipur based producer remarked, “Silico manganese prices continued to retreat on the bearishness prevailing in the steel market that has dampened buying interest.”
Export Offers Down
In the export market, Indian players have cut their offers to carry out more trading activity, as a stronger dollar boosts the sales in INR terms. Silico manganese 60-14 is currently being offered at around USD 670-680/MT FoB East-coast India and 65-16 USD is being offered at 760-770/MT FoB East-coast India. Indian producers reported that there were inquires from Middle East, South-East Asian and Latin American countries but very few confirmed deals.
A Kolkata based producer remarked, “Weak INR and weak demand were the two factors constraining prices.”
Market sentiment in India remained unoptimistic, with most seeing little chance of any upswing in prices.
Exchange Rate : USD 1 = INR 66.8
Leave a Reply