Silico manganese market barely moved as thin demand and expectations of lower domestic prices in near term have stifled trading activity.
Silico manganese prices are currently down and any recovery in prices may take time. 60-14 grade is currently being offered at around INR 46,500/MT (ex-Raipur) and INR 47,500/MT (ex-Durgapur). According to sources, Prakash Industries is currently offering the material at INR 45,000/MT (ex-Champa). Market sentiment in India remained unoptimistic, with most seeing lesser chance of any upswing in prices. Whereas, some agreed that there could be a further fall in prices in near-term. However, nobody expected a plunge as many felt the market was already close to the bottom.
“Prices cannot be steady for long when there is limited buying appetite for Silico manganese. I won’t be surprised if there is a prolonged weakening,” stated a producer from Raipur.
Export Market
In the export market, prices are stable amid reports of some pick up in inquires. Export offer for 60-14 grade is USD 750/MT, FoB East Coast India and 65-15 grade is USD 840/MT, FoB East Coast India. An Indian producer of Silico manganese 65-16 confirmed deals in the past week alone of about 3,000 MT with companies from European, South-East Asian and Middle-East countries at USD 850/MT, FoB.
There is some positive sentiment in the export market and a producer from Kolkata expressed, “Export offers have now stopped being pushed down as the number of inquires have risen. As a result, the export market is a little more stable now.”
According to market sources, domestic prices for Silico manganese could take another hit in this month as buyers continued to press for further discounts. SteelMint assessed there might be some good demand after the financial year-end.
Exchange Rate : USD 1 = INR 61.94
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