Indian Silico Manganese has been witnessing fall in its prices as demand fails to pick up and buyers are retreating due to diminishing steel margins.
Indian producers of Silico Manganese have been forced to cut their offers to conclude sales. Silico Manganese 60-14 is currently being offered at around INR 56,500 /MT (Ex-Raipur) and INR 57,500 /MT (Ex-Durgapur). These prices reflect a substantial decrease of INR 1500/MT from earlier in the week.
SteelMint learned from sources that few deals have also been concluded at prices lower than mentioned above.
Output overcapacity in India and the demand-supply mismatch are major reasons behind Indian Silico Manganese prices being under pressure. There is a bearish sentiment in the market and producers and traders are under pressure to liquidate stock.
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