Indian Silicon Manganese Market Affected By Changed Steel Prices
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The Indian silicon manganese market remains under pressure due to the falling prices of mid-sized steel mills. Despite a short-lived (slight) price recovery of silicon manganese in the mid of last week, (due to improved export bids) prices once again moved downwards, pressured by limited inquiries from domestic buyers. The continuous decline in domestic steel prices in India has forced melting industries to limit their raw material purchases, leading to limited spot trades and short-lived price recovery in the silicon manganese industry.
Prices
In recent, silicon manganese prices dropped by Rs 1,000-2,000/ton and silicon manganese offers (HC 60-14) have been reported at around Rs 76,500-77,000/ton ex-works Raipur and about Rs 77,000-77,500/ton ex-works Durgapur, excluding GST.
Will The Demand Recover?
Industry experts believe that silicon manganese prices are unlikely to find support due to the dull steel demand from secondary mills and the rising inventories with producers. As a result, domestic steel makers are likely to postpone their purchases and wait for price corrections before taking positions.
The domestic price movement of silicon manganese will largely depend on export inquiries and the movements of steel prices in the Indian market. Market experts are currently adopting a wait-and-watch approach, waiting for stability in the market before taking positions.
Insight
The Indian silicon manganese market is facing significant price drops due to declining steel prices and limited inquiries from domestic buyers. The future prospects of the market will largely depend on export inquiries and the movements of steel prices in the Indian market. The declining steel prices and limited raw material purchases are likely to keep the prices of silicon manganese under pressure for the time being.
Read more: Mid-Sized Steel Mills’ Prices Changed In The Sixth Week Of 2023
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