Indian Silico Manganese Prices Under Pressure Amid Weak Steel Market
Indian Silico Manganese prices are down by INR 500/MT in the domestic market amid moderate demand. Due to bearish steel market conditions the demand is maintaining at its lower levels
However, the demand remains scattered as a few producers enjoy good demand and are booked out while on the other hand a few producers are under pressure of selling the product in the market. Inquiries from the Export market is also picking up. Meanwhile, the prices were reduced due to the stronger dollar values in Exchange rate to garner greater buying interest.
Silico Manganese prices for 60-14 grade are assessed at INR 66,500/MT Ex-Raipur and Ex-Durgapur, deals are concluded in the range of INR 66,500 - 67,000/MT. Despite moderate demand Indian Silico Manganese producers are quoting higher prices in the export market owing to a stronger Dollar. Producers are offering 60-14 grade at USD 960/MT and grade 65-16 is being offered at USD 1060/MT in export market.
On the future outlook, Silico Manganese producers believe that the prices may not increase in the near future. The prices may however redeem depending upon the MOIL and imported Manganese Ore prices.
source: SteelMint
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