Steel prices are going down again, which shows that steel fundamentals are far from recovery, and this has further deflated buying interest for Silico Manganese. Silico Manganese 60-14 is being offered in the range of Rs. 48,000 – 48,500 /MT (Ex-Raipur) and at Rs. 50,000 /MT (Ex-Durgapur).
According to sources, Prakash Industries is offering Silico Manganese at Rs. 46,000 /MT (Ex-Champa, Chhattisgarh). A distributor reported to SteelMint that TATA's branded Silico Manganese 60-15 Silicomag is being offered at Rs. 50,500 /MT and an off-grade which has been recently introduced, Silico Manganese 50-12 at Rs. 41,000 /MT FOB West Bengal.
The decline in prices from last week marked the continuation of a general downtrend, as Indian end-users of Silico Manganese remained wary of buying when steel demand was lackluster and steel prices depressed.
Despite competitive offers from India, there has been no increase in demand for Indian-origin Silico Manganese, reported sources.
Silico Manganese export offers remain unchanged, and Silico Manganese 60-14 is being offered at US$ 810-820 /MT FOB East-coast India, and Silico Manganese 65-16 offers stand at US$ 930-940 /MT FOB East-coast India.
A deal was heard to be concluded from India, for Silico Manganese 65-17 at US$ 970/MT CIF Rotterdam.
Market experts reckoned Indian Silico Manganese prices are unlikely to dip further, as prices are already below break-even for some producers.
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