Lack of activity has weighed down silico manganese prices; no uptick in demand expected in the coming weeks.
In the domestic market silico manganese prices were at the same level as trading remained weak. Grade 60-14 is currently being offered at around INR 46,000/MT (Ex-Raipur) and INR 47,000/MT (Ex-Durgapur). Market participants said offers were being met with rejections from buyers who were waiting to see how far prices would fall. This absence of demand was in turn putting pressure on offers.
A Raipur based producer stated, “There is no revival of buying activity yet and there is no hope of anyprice rebound this month.”
Silico Manganese Export Offers Goes Down
In the export market, silico manganese prices were under pressure this week, as Indian producers further lowered offers on slow demand. Export offers are down from last week levels; grade 60-14 is being offered at around USD 725-730/MT FoB East Coast India and 65-15 grade at around USD 805/MT, FoB East Coast India. With buyers not purchasing material, the shrinking spot market continued to puzzle.
A Kolkata based producer said, “In the export market offers have been cut, yet very few deals are closed. There is very little interest for silico manganese and so no surprises prices are all stagnant.”
SteelMint assessed that as steel fundamentals have shown no sign of improvement, end-user demand for silico manganese will continue to be capped
Exchange Rate: USD 1 = INR 64
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