India: Silico Manganese Prices Struggle Amid Low Demand
Indian Silico Manganese Prices struggles amid low demand in the domestic market. Producers stated that the prices are down due to the prevailing dull steel market and hence the demand for Silico Manganese is continuing to suffer.
SteelMint learned from market sources that a few producers in Raipur were quoting at higher levels due to increase in the ore prices declared by MOIL. However, the higher levels are not being accepted by the buyers in Raipur yet. MOIL had declared prices for the current quarter, effective from 1st April 2019 in which Ferro grade prices have been pushed up by 5% in line with the rising global prices.
Silico Manganese Prices for 60-14 grade are assessed at INR 67,000/MT Ex-Raipur and Ex-Durgapur, deals are concluded in the range of INR 67,000 - 67,500/MT. 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 in a range of USD 960 - 970/MT and grade 65-16 is being offered in a range of USD 1050 - 1060/MT in export market.
On the future outlook, Silico Manganese prices in the market may vary depending on the inventory level with each producer. Absence of demand may restrain the producers from quoting further higher prices and producers may also lower down the prices to attract buye
source: SteelMint
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