Silico manganese market witnessed stable prices, but buyers were still holding back purchases.
SteelMint assessed grade 60/14 prices at around INR 38,000-38,500(Ex-Raipur) and INR 38,500(Ex-Durgapur).
Prices for silico manganese have found support at these levels in the domestic market although trade volumes are not upto desired levels. Buyers were still reluctant to buy despite seemingly low prices. Steel mills were being cautious with their procurement as steel sales were weak.
Sources said that market to remain sluggish, as transactions were at low level due to low demand. A Raipur based producer said, “Buying appetite for silico manganese has still not picked up, and it is to be seen what direction the market takes.”
Silico Manganese Export Market Stagnant
Silico manganese export market remained quiet ahead of Lunar New Year holidays which is celebrated in countries that have a significant Chinese population, like, Mainland China, Hong Kong, Macau, Taiwan, Singapore, Thailand, Cambodia, Indonesia, Malaysia, Mauritius, and the Philippines. Most of these countries are also the major buyers of Indian Silico Manganese.
SteelMint assessed that grade 60-14 is being traded at USD 600/MT FOB East-coast India, and grade 65-16 is being traded at USD 640/MT FOB East-coast India.
“There are inquires in the market but no such confirmed deals. We expect the market to get better after the lunar holidays,” stated a producer from Kolkata.
SteelMint learned from sources that trading activity is scant and there were limited transactions as most buyers are awaiting a clearer market direction.
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