Silico Manganese prices fell marginally on lackluster end-user demand.
The mainstream domestic price of Silico Manganese 60/14 is around INR 65,000/MT (Ex-Durgapur), INR 64,500/MT (Ex-Raipur) and INR 64,000/MT (Ex-Vizag).
Silico Manganese prices softened in the domestic market on shaky steel fundamentals and sapping demand. Looking at the decline in sales volumes Indian Silico Manganese producers have dropped their offer levels. SteelMint assessed that demand from the Indian steel industry is weak and that the market is on a seasonal downtrend.
Market participants said there are expectations of further cuts in offer prices and this was holding back buyers.
In the export market, overseas demand for Silico Manganese is also very low. “Demand for Silico Manganese is in a state of limbo, on all fronts, both foreign and domestic,” said a producer source from Durgapur. In the export market, Indian producers have decided to lower offer levels as demand from foreign buyers has been very soft – Europe is on holiday and transactions with Iran have come to a halt. Silico Manganese 60-14 is being offered at USD 940/MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 1050/MT FOB East-coast India.
Despite the offer levels falling in recent days, they were still not welcomed by buy-side participants. On the future trend, most market participants believe there is a possibility of a further price-cut on the back of weak demand for steel during the rainy season.
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