Silico manganese prices in Raipur corrects again as market softens on scant demand.
Silico manganese prices receded this week again as negative margins pushed the market down. Current price for grade 60/14 is INR 43,000/MT (Ex-Raipur). Indian producers stated that the primary reason for price fall ever week is lack of demand from end-users.
A Raipur based producer stated, “Silico manganese prices continue to soften as the market is bearish dented by over-supply and low demand.”
In Durgapur, the price for grade 60/14 is INR 44,000/MT. Prices are unchanged as deals are not being done because of upcoming Durga Puja holidays.
Silico Manganese Export Offers Unchanged W-0-W
Overseas demand for Indian origin silico manganese is very low, with few spot deals concluded in this past month. Export offers for grade 60-14 is standstill at USD 680 FOB East-coast India and 65-15 is being offered at around USD 730-740/MT FOB East-coast India. Market sources stated sales have dropped with European buyers being completely out of the market.
“It is just tough to make a deal. There is just absolutely no underlying demand,” remarked a producer from Kolkata.
Market sources are of the view that buyers were not looking to seriously commit and prefer to ride out the next few days as most buyers believe that silico manganese prices can come down further.
Exchange Rate : USD 1 = INR 64.8
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