The Silico Manganese market remain unaltered the second week running, as monotonous sentiment on steel fundamentals continued to keep the prices constant
Silico Manganese prices to remain unchanged as the festival of Diwali is approaching. So, the Silico Manganese market is to remain inactive with no or limited activity.
Silico Manganese 60-14 is being offered at around INR 54,000 /MT (Ex-Durgapur). TATA's branded Silico Manganese 60-15 Silicomag is currently not being offered in the market but Silico Manganese 50-12 is being offered at INR 43,000 /MT FOR West Bengal. Silico Manganese 60-14 is being offered at around INR 52,500 /MT (Ex-Raipur). Prakash industries are offering Silico Manganese at INR 51,000 /MT (Ex-Champa, Chhattisgarh).
Indian players are looking at increasing their export market. Prices of Silico Manganese in the export market remain firm. Silico Manganese 60-14 being offered at USD 880-890 /MT FOB East-Coast India, and Silico Manganese 65-16 is being offered at around USD 1000 /MT FOB East-coast India. Export offers of Silico Manganese is resolute as the Indian Rupee is on a positive movement.
Most traders reported of a lackluster market, with hardly any buying interest in the past 10-15 days. Most end-users of Silico Manganese have sufficient inventory or are holding back purchases till post-Diwali. SteelMint assessed that most steel mills will be closed during the festival of Diwali, resulting in a very quiet market.
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