Lack of activity has weighed down on Silico Manganese prices, with no uptick in demand expected in the coming weeks.
Silico Manganese prices saw no respite, as increasingly poor sentiment continued to push prices down. Grade 60-14 is currently being offered at around INR 47,500/MT (ex-Raipur) and INR 48,500-49,000 /MT (ex-Durgapur). Market participants reported of pessimism within the steel market, as mills were still very cautious and bidding at cheap levels given the weak market.
“As expected steel mills are waiting as long as possible to buy, as the longer they wait the cheaper the prices becomes,” stated a Raipur based producer.
Export Market
SteelMint learned that the manufacturers of Manganese Alloys are weighed down by deteriorating external demand and destocking pressures. Export offers remained unchanged from last week, grade 60-14 is being offered at around USD 780/MT FoB East Coast India and 65-16 grade at around USD 880/MT, FoB East Coast India.
A producer from Kolkata described buying activity as very sluggish, and remarked “The market is very dull and almost stagnant with little bids to our offers.”
SteelMint assessed that as steel fundamentals have shown no sign of improvement, end-user demand for Silico Manganese will continue to be capped.
Exchange Rate : USD 1 = INR 62.14
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