India: Silico Manganese Prices Stable Amid Modest Demand
Indian Silico Manganese Prices were stable amid moderate demand in the domestic market. Producers stated that the market sentiments were almost similar throughout the market and due to the prevailing dull steel market, redemption of prices cannot be foreseen in the near future.
SteelMint assessed that due to a severe liquidity crunch in the market with Fiscal year-end, producers are mostly diluting their stocks at this period. Also with the upcoming elections, the demand for finished products gets low and hence the prices of raw materials such as Silico Manganese suffer.
Producers in Raipur are offering at INR 66,500-67,500/MT and in Durgapur the price quoted in between INR 66,500/MT to INR 67,000/MT for 60-14 grade, however, a few deals were also heard at higher rates of INR 67,500/MT in Raipur. Despite moderate demand Indian Silico Manganese producers are quoting higher prices in the export market owing to a stronger rupee and weaker dollar. Producers are offering 60-14 grade at USD960/MT and grade 65-16 is being offered at USD 1060/MT.
On the future outlook, Silico Manganese producers believe that the prices may not increase in the near future, but may increase in May. Traders are of the opinion that due to year ending the prices were down and now they are in a wait and watch mode till the elections are over with. The prices may redeem depending upon the MOIL prices for Manganese Ore.
source: SteelMint
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