Indian Silico manganese market is witnessing thin trading as buyers are hesitant to procure material due to diminishing steel margins.
Silico manganese market remains subdued this week amid sluggish demand. Suppliers kept the prices unchanged since last week. Currently, 60/14 grade in Raipur & Durgapur is being traded at around INR 56,500/MT. Indian producers have cited that abundant supply and low demand are preventing upward price momentum.
“There isn’t many strong push or pull factors in the market to move the prices. It is likely to remain at this level in the near-term,” said a Raipur based producer.
Export Market
Volume of deals in the export market has been low. Export offers for 60-14 grade are unchanged at USD 920/MT FOB East Coast India and 65-16 is at USD 1,010/MT FOB East Coast India. Indian producers reported of poor overseas demand and seemed gloomy over the current market situation.
Market sentiment in India remains unoptimistic, with most witnessing very less chance of any upswing in prices in the next 10-15 days. SteelMint assessed that prices are under pressure as there is more than adequate supply and offers are lower from traders.
Exchange Rate: USD 1 = INR 61.4
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