Silico Manganese Prices unchanged W-o-W

Silico manganese market remained stagnant with most producers keeping prices unchanged.

Silico manganese prices showed no signs of recovering as lower trades and a pullback in buying positions pointed to a lack of confidence, exacerbated by falling steel prices. Currently, grade 60/14 is being offered at INR 46000/MT (Ex-Raipur) and INR 47,000/MT (Ex-Durgapur).

“Domestic demand is quite weak in the market now, and there has been hardly any purchases made last week” stated a Raipur based producer.

Export Market

Silico manganese prices were stable in the export market, but deals were limited and market activity subdued. Silico manganese 60/14 is being offered at USD 725-730/MT FoB East Coast India and 65/16 is being offered at USD 820/MT FoB East Coast India. Market sources believe that prices would remain at these levels over the next few weeks as market is witnessing inquiries from buyers but there are no confirmed deals.

“Despite regular enquiries, there is no improvement in volume of sales. The market is quiet now and I can’t tell whether it will recover in this month,” stated a producer from Kolkata.

SteelMint assessed that as steel fundamentals have shown no sign of improvement, end-user demand for Silico manganese will continue to be capped.

Source: SteelMint Research
Exchange Rate: USD 1= INR 63.6