India: Silico Manganese Prices Corrects In Durgapur
Indian Silico Manganese prices fall in Durgapur amid moderate demand. However, in Raipur, prices remained the same as compared to the previous week. Demand in the domestic market remains lackluster.
Meanwhile, inquiries are developing in the global market especially from Japan. A Durgapur based producer stated that producers in Durgapur had been maintaining a higher level of prices as compared to Raipur for quite some time, and it was just a matter of time before the prices fell.
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 INR 66,500-67,000/MT Ex-Durgapur. Prices are stable W-o-W basis in the export market owing to limited demand. Producers are offering Silico Manganese 60-14 grade in the range of USD 930-940/MT and grade 65-16 is being offered at USD 1030-1040/MT in the export market.
On the future outlook, producers are afraid that the prices may fall further owing to bearish market sentiments. With steel prices continuously falling, one cannot expect much rise in Silico Manganese prices and moreover, producers are sitting on enough inventories now and therefore, prices are likely to continue to go on a downtrend.
source: SteelMint
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