The silico manganese market is down again on thin trade, with participants pessimistic about the outlook given precarious steel demand.
Sell-side players continued to lower offers, on limited buying interest. SteelMint assessed silico manganese grade 60/14 prices at INR 43,500/MT (Ex-Raipur) and INR 43,500-44,000/MT (Ex-Durgapur).
The silico manganese market continues to be sluggish on low volume sales and there is nothing optimistic in the market now. Slim steel margins continued to weigh on buying interest. A Raipur based producer remarked, “Weak steel demand has caused pricing opinion to turn bearish.”
Market sources are of the view that buyers were not looking to seriously commit and prefer to ride out the next few days as most buyers believe that prices can come down further and are buying hand-to-mouth.
Silico Manganese Export Prices Stable, But Sentiment Turns Downbeat
The price ideas is split between buyers and sellers in the export market as low prices were still not accepted by buyers.
Overseas demand for Indian origin silico manganese is low and market sources reported of largely lackluster demand scenario. SteelMint assessed grade 60-14 is being offered at around USD 650/MT FOB East-coast India and grade 65-16 is being offered at USD 730/MT FOB East-coast India.
A Kolkata based producer said, “Offers have been cut, but yet no deals happening. There is very little interest for the material and so no surprises prices are all stagnant.”
Market sentiment in the export market remained unoptimistic, with most seeing no chance of any upswing in prices in the near future.
Exchange Rate: USD 1 = INR 67.3
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