Offers for silico manganese prices slipped in thin trade amid weak demand and over-supply.
SteelMint assessed weekly 60/14 silico manganese prices at INR 50,000/MT (Ex-Durgapur) and INR 49,000/MT (Ex-Raipur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 48,000/MT (Ex-Champa).
Silico Manganese prices continue to decline W-o-W as sell-side players continued to lower offers, on limited buying interest along with excess supply in the market. A Raipur based producer remarked, “An overhang of supply in the market with already weak demand has caused pricing opinion to turn bearish.”
Market sources fear that prices might decline further and would rather stay on the sidelines awaiting market clarity.
Silico Manganese Prices as On Week 19 (02 May – 08 May) ‘ 2016
| Particular/Delivery | Size/Grade | Prices | Change | 1W | 2W | 1M |
| Ex-Durgapur | 60-14 | 50,000 | – 750 | 50,750 | 52,000 | 55,000 |
| Ex-Raipur | 60-14 | 49,000 | – 2,250 | 51,250 | 53,000 | 57,000 |
Prices in INR/MT
Source: SteelMint Research
Exchange Rate: USD 1 = INR 66.3
Silico Manganese Export Prices Dip
Prices of Indian-origin silico manganese export prices edged down as buyers were less interested in purchasing.
Silico Manganese 60-14 is being offered at USD 790/MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 840 /MT FOB East-coast India.
Overseas demand for Silico Manganese is really low and many producers said low prices were necessary in order to be competitive and do business. “The export market has dented with lukewarm buying interest, and so Indian producers have cut offers to garner buying interest,” stated a Kolkata based producer.
SteelMint assessed that silico manganese prices in the export were generally in line with expectations and reflective of a slow moving market. Demand in the export market is not strong to support any prices increase.
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