India: Silico Manganese Prices Remained Stable amid Dull Demand
Indian Silico Manganese Prices drifted towards the lower side in the market. Producers are reducing their prices continuously to attract buyers. An Indian Producer said, “The market continues to operate in a downtrend and the demand is low as the Steel market is down’.
The increase in Prices is highly unlikely at the given point of time, he added. SteelMint learned that the Steel Mills are sitting with enough inventory for the time being and hence, the buyers are quite aggressive at negotiating. Meanwhile, as the Rupee depreciated against the USD, it made the exports more beneficial for the producers.
Demand for Silico Manganese is low and the overall market remains depressed. In Durgapur, Silico Manganese 60-14 is being offered in the range of INR 64,500-65,000/MT Ex-Durgapur. In Raipur, the prices are in the range of INR 65,000-65,500/MT. In the Export market, the demand remains moderate, producers are offering 60-14 grade in the range of USD 940/MT and 65-16 is being offered at USD 1045/MT.
On the future outlook, any possibility of an increase in prices is highly unlikely in the near future as producers are sitting on adequate inventory.
source: SteelMint
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