India: Silico Manganese Prices Under Pressure Amid Low Demand
Indian Silico Manganese Prices have been falling gradually every week for some time now. Amid low demand and sluggish market sentiments for finished steel, producers are reducing the prices to entice buyers. Demand is weak in both domestic as weak as the global market.
Owing to the current Indian currency depreciation, producers are reducing their offer prices for export. However, prices of higher grades are still less affected in the global market due to stable Manganese Ore prices.
Demand for Silico Manganese is low and the overall market remains depressed. In Durgapur, Silico Manganese 60-14 is being offered at INR 64,500/MT Ex-Durgapur. In Raipur, the prices are in the range of INR 63,500-64,000/MT Ex- Raipur. In the Export market, the demand remains moderate; producers are offering 60-14 grade at USD 930/MT and 65-16 is being offered at USD 1020/MT.
On the future outlook, prices of Silico Manganese are to remain under pressure and prices are anticipated to go below the present levels. Any rise in prices is therefore highly unlikely owing to the timid demand.
source: SteelMint
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