Silico manganese market continues to face downward pressure from weak demand although the supply glut situation in Raipur has temporarily eased.
Buying interest remained lukewarm along with most end-users staying on sidelines. Current price for grade 60/14 are around INR 43,500-44,000/MT (Ex-Durgapur). However, in Raipur prices are up marginally up as Prakash Industries is not offering material in the market and the market there is not over-supplied. The price for grade 60/14 is around INR 44,000/MT (Ex-Raipur). The Silico Manganese market continued to be characterized by with weak buying interest in India and prices have not shown signs of recovering, exacerbated by falling steel prices.
Market watchers are of the view that silico manganese market to remain dormant in the coming month as demand is unlikely to pick up in the rainy season.
Silico Manganese Export Prices Move Lower
Buoyed by the depreciating Rupee against the Dollar, the Indian players have decided to cut their offers to consummate trade, as a stronger dollar boosts the sales in rupee terms.
SteelMint assessed grade 60-14 is being offered at around USD 650/MT FOB East-coast India and grade 65-16 is being offered at USD 690/MT FOB East-coast India.
Indian producers reported of buyers still not willing to buy and they were adopting a wait-and-see stance. “People don’t want to buy at any price. Most people on the sell and buy-side are just waiting to see if the worst is over,” stated a producer from Kolkata.
Market participants said there were expectations of further price cuts in offers and this was holding back international buyers.
Exchange Rate: USD 1 = INR 68
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