Silico Manganese prices remained under pressure as buyers showed reluctance; although there has been an improvement in the semi-finished steel buying sentiment.
In the domestic market Silico Manganese prices were at the same level as trading remained weak. Grade 60-14 is currently being offered at around INR 46,500-47,000/MT (ex-Raipur) and INR 48,000-48,500/MT (ex-Durgapur). Market sentiment in India remained unoptimistic; with most seeing little chance of any upswing in prices until March.
“Offers have turned sparse in the market with few looking to buy. Not many mills are looking for material now as many already have sufficient inventory,” stated a trader from Raipur.
Export Market
Export offers remained unchanged, after the price cut from last week, grade 60-14 is being offered at around USD 770/MT FoB East Coast India and 65-16 grade at around USD 840/MT, FoB East Coast India. Indian producers reported that overseas demand for Silico Manganese is really low. SteelMint learned that the manufacturers of Manganese Alloys are weighed down by deteriorating external demand and destocking pressures.
A Kolkata based producer said, “In the export market offers has been cut, but yet very few deals are closed. There is very little interest for Silico Manganese and so no surprises prices are all stagnant.”
Despite the low offer levels, they were still not welcomed by buy-side participants in the overseas market.
Exchange Rate : USD 1 = INR 62.22
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