Here’s Why Indian Silico Manganese Suppliers Are Struggling With Low Demand
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The Indian Silico Manganese market has been facing pressure due to limited demand on low buying interest in Finished Steel products. This has resulted in buyers bidding lower, causing a decrease in demand in the spot market and raising price competition among suppliers in the Indian market. The current prices have dropped by Rs 500-1,000/ton, week-on-week, Ofbusiness assessed. In this article, we will explore more about the same.
Rising Stocks On Low Demand
Inventories in the central region have seen a slight rise, with the production of furnaces (Ingot, Billet etc.) generally disturbed during the summer season. As a result, demand for Silico Manganese remains weak and is expected to remain low in the domestic market.
Current Offers
- Domestic Prices- As per industry experts, the reported offers for Silico Manganese (HC 60-14) are at around Rs 73,500-74,000/ton ex-works in both Raipur and Durgapur through the producers’ end. However, offers by the resellers are cheaper by Rs 500/ton to Rs 73,000-73,500/ton ex-works.
- Export Prices- Export offers for Silicon Manganese (HC70, 65-16) floated at around $1,020-1,025/ton FOB, but demand remained weak due to no major inquiries and buyers from the international market opting to wait-and-watch mode for lower offers.
Is There Any Chance Of Price Recovery?
Market participants believe that there are fewer chances for price recovery due to supply exceeding demand in the Indian market. Additionally, the seasonal drop in Steel production through the furnaces has led to slow consumption and demand in the domestic market. Thus, prices are expected to remain under pressure or volatile as per the spot demand and prices of Steel.
OFB’s Insight
The Silicon Manganese market in India is facing weak demand and that has led to decreased buying interest in Finished Steel products. While inventories have increased in the central region, demand and prices have decreased. Supply and the seasonal drop in Steel production leave no room for price recovery. Any significant changes in the market can lead to a shift in the current scenario.
Read more: Why Is Indian Finished Long Steel Market Dull?
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