Silico manganese prices remain unaltered for the second week as demand in the domestic market struggles.
The silico manganese market remained weak on low end-user demand. Most sources said that the market was dull with buyers still not showing much willingness. Currently, silico manganese prices for grade 60/14 are around INR 46,000/MT (Ex-Raipur) and INR 47,000/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering at INR 44,500/MT (Ex-Champa, Chhattisgarh).
“Domestic demand is quite weak in the market now, and there has been hardly any purchase done in the last week,” stated a Raipur based broker.
Export Market
The export market for Indian origin silico manganese has continued to be flat. Prices have held steady but have shown no signs of improvement. Silico manganese 60/14 is being offered at USD 725-730/MT FoB East Coast India and 65/16 is being offered at USD 820/MT FoB East Coast India.
“There is uncertainty in the export market and it is extremely tough to find willing buyers because they are either hesitating or giving us extremely low bids,” remarked a producer from Kolkata.
Market sources reported of bearish sentiment prevailing over the market and so prices are expected to remain in check in the near future. SteelMint assessed that the overall market sentiment is weak and offer prices could further correct, looking at the prevailing market condition.
USD 1= INR 63.5
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