India: Silico Manganese Prices Struggles amid Sluggish Steel Market
Indian Silico Manganese prices are almost unchanged from last week. Demand in the domestic market remained moderate and but in the export - market demand is picking up for the bulk quantities.
With the reduced prices of Manganese Ore globally, buyers are putting the sellers under pressure to reduce the prices. Producers are holding quantities to retain their prices and are restraining themselves from concluding the deals at further lower levels.
Market participants reported that there is a supply shortage in the domestic market and although the demand remains subdued, producers from Raipur have raised their offer levels due to the supply-demand dynamics and the low movement of ore from MOIL. A producer said that with approaching monsoon season, ore supply will get tightened and that can contribute to the rise in prices, but any such theories cannot be put at this juncture as the market is quite unpredictable.
Silico Manganese offers for 60-14 grade in Raipur are in the range of INR 65,000-66,000/MT Ex-Raipur. However, deals are still awaited at higher levels. In Durgapur, prices for 60-14 grade are at around INR 66,000/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. Demand from the export market is coming for the bulk quantities, but due to the low supply scenario, deals are concluding at higher levels. A few deals were heard to be concluded at around USD 935/MT for 60-14 grade.
On the future outlook, producers in Raipur are pessimistic about holding higher prices for too long. The market situation is highly volatile, but the rise in prices is highly unfavorable, however, slight price correction is still possible.
source: SteelMint
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