Silico manganese producers in Raipur have been forced to cut their offers to conclude desired sales.
Trading activities were scant in the week gone by and weak domestic demand has led to a marginal correction in silico manganese prices. Current price for 60-14 grade is around INR 46,000-46,500/MT ex-Raipur and INR 46,000/MT ex-Durgapur.
According to sources, Prakash Industries is currently offering silico manganese at INR 45,000/MT ex-Champa. 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.
“There is bearish market sentiment, which is mainly due to lack of demand and uncertainties about the near-term future; resulted in muted demand for silico manganese,” remarked a producer from Raipur.
Silico manganese export offers down
Demand for Indian origin silico manganese remained weak in the export market as prices have again declined. 60-14 grade is currently being offered at USD 675/MT FoB East Coast India and 65-16 is being offered at USD 740-750/MT FoB East Coast India. There are no new inquires and silico manganese market in India is going through a period of sustained weakening, both in domestic and export market.
SteelMint assessed that as steel fundamentals have shown no sign of improvement, end-users’ demand for silico manganese will continue to be capped.
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