India: Silico Manganese Prices Down Amid Selling Pressure
Indian Silico Manganese prices were marginally down on W-o-W basis. Demand in the domestic market remained sluggish. Meanwhile, the demand in the global market is also towards a downtrend. With the reduced prices of Manganese Ore globally, buyers are putting the sellers under pressure to reduce prices.
Silico Manganese Prices are falling continuously owing to falling demand, as there is surplus production and Steel Mills are sitting with enough inventory which is bringing down the prices. There are power issues in Durgapur region from DVC (Damodar Valley Corporation) which is restricting production in that particular region.
Silico Manganese offers for 60-14 grade in Raipur are at INR 65,000/MT Ex-Raipur. However, a few deals were also concluded at INR 64,500/MT. In Durgapur, prices for 60-14 grade are at INR 66,500/MT Ex-Durgapur. Producers are offering Silico Manganese 60-14 grade in the range of USD 930-935/MT and grade 65-16 is being offered at USD 1030/MT in the export market.
On the future outlook, Producers are pessimistic about any rise in prices. Prices are about to go further low due to low demand and continuous selling pressure.
source: SteelMint
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