Silico manganese prices plummeted as demand continues to erode.
Prices of silico manganese plunged as producers slashed offers in the face of feeble demand and a pessimistic view on near-term market conditions. SteelMint assessed grade 60/14 silico manganese prices at INR 47,500/MT (Ex-Durgapur) and INR 48,000/MT (Ex-Raipur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 47,500/MT (Ex-Champa).
Demand has dissipated amid weakening steel prices, with buyers not wanting to commit when costs could fall further. A Silico Manganese producer based in Durgapur remarked on the current market scenario, “Silico Manganese prices are depressed by the persistent problem of output overcapacity in India, and demand has failed to match the supply.”
On the future trend, prices are expected to remain under pressure, and the possibility of seeing a rebound in prices in the next three to four weeks remains non-existent.
Silico Manganese Export Market Remains Weak
Silico manganese export prices held steady as sellers stuck to previous levels, but revealed that demand was weak and trading activities were still slump.
Silico manganese 60-14 is being offered at around USD 740/MT FOB East-coast India, and silico manganese 65-16 is being offered at USD 820 /MT FOB East-coast India. Lower offer prices from Indian suppliers have also failed to entice buyers from the overseas markets in making big volume purchases.
SteelMint assessed that until steel fundamentals show no sign of improvement, end-user demand for Silico Manganese will continue to be capped in India.
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