Silico manganese prices were mostly stable as demand remained feeble and domestic steel market continued to struggle.
Silico manganese market for the week gone by remained sluggish and transactions were few due to slow demand. Domestic demand for silico manganese remains inactive. Silico manganese 60-14 is being offered at INR 46,000/MT (Ex-Raipur) and INR 46,500/MT (Ex-Durgapur). Prakash Industries is offering silico manganese at INR 44,500 /MT (Ex-Champa, Chhattisgarh).
“Prices are at a low level as downstream demand is very weak and in general prices of semi-finished steel are also weak. There is general lack of confidence in the market and sentiment is very bearish,” stated a producer from Raipur.
Silico Manganese Export Market Flat amid Lackluster Demand
International buyers are in a wait-and-watch mode, trying to hold off on placing orders as they anticipate further downward pricing direction if demand does not pick up soon. Export offers for 60-14grade are at around USD 725-730/MT FoB East Coast India and for 65-16 grade are at USD 810/MT, FoB East Coast India.
A Kolkata based producer stated, “As a general overview, the export market is very weak. It’s very difficult to have any buoyancy about the silico manganese market at the moment.”
As an outlook, market participants belief that although prices have been stable silico manganese prices are facing downward pressure.
Exchange Rate: USD 1 = INR 65.3
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