India: Silico Manganese Prices In Raipur Tread Lower Amid Lacklustre Market
Indian Silico Manganese Prices are under pressure due to various factors as it is highly dependent on the inventory level possessed by the producer and the region they are offering from and also the grade quality.
Producers in Durgapur are enjoying moderate demand and prices are at comparatively higher levels as compared to Raipur. Producers from Raipur are struggling to entice buyers even at lower levels.
Prices of Silico Manganese have been falling continuously in Raipur amid low demand. Silico Manganese offers for 60-14 grade in Raipur are in the range of INR 65,000-65,500/MT Ex-Raipur and in Durgapur deals are being concluded at around INR67,000-67,500/MT Ex-Durgapur. However, the prices falls mostly on the lower range, only a few producers who are sold out have raised their offer prices to INR 67,500/MT. It was heard that a big deal of 2,500MT was concluded in Durgapur at INR 67,000/MT. Last week, INR depreciated with respect to USD, which provided the producers with the scope of reducing prices. Prices were down on W-o-W basis in the export market owing to lacklustre demand. Producers are offering 60-14 grade at USD 945/MT and grade 65-16 is being offered at a range of USD 1040-1050/MT in export market.
On the future outlook, increase in prices cannot be seen in the near future, but with the recent increase in the billet prices Silico Manganese producers are hoping for better demand. Many major participants believe the election to be an important event for dull Silico Manganese demand.
source: SteelMint
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