There is limited buying appetite for Silico Manganese in India amid the underlying weakness in the steel market. Silico Manganese 60-14 is being offered at Rs. 48,000 MT (Ex-Raipur), with little or no deals concluded as the Mini-Steel Plant Association members (end-users) in Chhattisgarh have gone on an indefinite strike, protesting against the rise in power tariffs.
According to sources, Prakash Industries is offering Silico Manganese at Rs. 46,000 /MT (Ex-Champa, Chhattisgarh).
In Durgapur, prices have increased slightly & Silico Manganese 60-14 is trading at Rs. 50,500 /MT. Tighter availability on account of very low production levels in Durgapur has lent support to the prices.
However, most buyers continue to remain on the sidelines, as no pressure is need to buy the material when the Steel market is so lifeless.
In the export market, Indian producers have maintained offer levels as the realization from exports is far better than the domestic market, with the weakening of Rupee against the Dollar.
Silico Manganese 60-14 is being offered at USD 810-830 /MT FoB East-coast India, and Silico Manganese 65-16 is being offered at USD 950-960 /MT FoB East-coast India. Deals were heard to be concluded from India for the Far East countries Japan, Malaysia and Taiwan.
“At the moment we're seeing large-scale Steel production cuts across India, hence buying interest in Silico Manganese will continue to be low until there is a spurt in demand for Finish Steel,”stated a Silico Manganese trader.
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