India: Silico Manganese Prices Stable Despite Dull Demand
Indian Silico Manganese prices remained unchanged owing to the dull steel market conditions. The selling pressure is quite intense in the domestic market. Meanwhile, prices in the export market also softened amidst currency fluctuations and the spread of deadly Coronavirus.
The Indian currency depreciated by approximately 3% against the US Dollar, since 1st Mar’ 2020. The depreciation is an aftereffect of the economic slowdown due to the spread of Novel Coronavirus.
Meanwhile, in India, this week, the market is in the mode of the holiday. The labour availability issue due to the Holi festival will help in keeping prices stable despite weak demand. The export prices dropped by a significant amount, due to currency fluctuations. The offers in the market are as under
• Ex-Durgapur(60-14)- INR 60,000-60,500/MT
• Ex-Raipur(60-14)- INR 60,000/MT
• FOB India (60-14)- USD 840/MT
• FOB India (65-16)- USD 945/MT
On the future outlook, Silico Manganese prices are expected to remain stable in the week. Meanwhile, the export prices are expected to drop further as the currency depreciated further.
source: SteelMint
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