After seeing price correction for several weeks, Silico manganese prices continued to limp down further as market participants said there is no confidence in the market.
On weak end-user demand, Silico manganese (60/14) producers have reduced their prices as market participants confirmed deals at INR 47,000 /MT (ex-Raipur) and INR 48,000/MT (ex-Durgapur). Market participants are unsure if spot prices would continue weakening because steel fundamentals remained sluggish.
A Raipur based producer stated, “Yet there is no revival of buying activity and there is no hope of any price rebound this month.”
Export Market
In the export market, Silico manganese prices are under pressure this week as Indian producers further lowered offers on slow demand. Export offers are down from last week and 60-14 grade is being offered at around USD 770/MT, FoB East Coast India and 65-16 grade at around USD 850/MT, FoB East Coast India. With buyer’s not purchasing material, the shrinking spot market continued to puzzle. International buyers said they have no requirements.
“There is a lot of uncertainty about whether the market has bottomed out or there is a possibility of more weakening in prices,” remarked a producer from Kolkata.
Market sources indicated the near-term pricing outlook will largely hinge on demand from Ingot manufacturers and many are not anticipating an immediate recovery.
Exchange Rate : USD 1 = INR 62
Leave a Reply