Indian Silico Manganese Prices went further down in line with low demand and bearish Steel Market sentiment. Demand is weak in both domestic as well as global markets. Producers are selling at much lower levels to clear their inventories. It is mostly a buyer’s market now, as buyers are negotiating aggressively and the producers are under severe selling pressure.
In Durgapur, Silico Manganese 60-14 is being offered in the range of INR 61,500-62,000/MT Ex-Durgapur. In Raipur, the prices are in the range of INR 61,000-61,500/MT Ex- Raipur. In the Export market, the demand remains moderate; producers are offering 60-14 grade at USD 870-880/MT and 65-16 is being offered at USD 980-1000/MT. Meanwhile, some deals for grade 60-15 were heard to be concluded at INR 63,000/MT.
On the future outlook, prices of Silico Manganese are to remain under pressure. Any rise in prices is therefore highly unlikely owing to the timid demand. However, with the recent stability in the Steel prices, the prices of Silico Manganese may also attain stability and better demand.
Chinese private-sector producer Jiangsu Shagang cut its rebar ex-works prices by 100 yuan/t ($14/t) for late October deliveries on rising supplies and sluggish demand.
Russian producers increased their output of coking coal in January-September, encouraged by the stronger prices of coking coal compared with thermal grades.
SteelMint in conversation with industry participants learned that major Indian steel manufacturers have kept HRC, CRC prices unchanged for the month of Oct’19 amid slow off take in domestic steel market. Also with the upcoming festive holidays this month domestic HRC prices will continue to remain under pressure in Oct’19.
India has recorded sharp growth in billet/bloom export shipments against last month. Based on data of ports maintained with SteelMint, India has exported approximately 181,310 MT of billets and blooms in Sep’19 against around 64,000 MT in Aug’19.
According to data maintained with SteelMint, Indian pellet export volumes in Sep'19 were recorded at 1.11 MnT, down 22% on monthly basis as against 1.42 MnT a month ago.
Global ferrous scrap market again witnessed a downward trend in most major markets. Turkey witnessed a marginal drop in prices in recent deep-sea cargo bookings at lower prices. South Asian markets witnessed healthy trade activities even as offers fell further. Japan's Tokyo Steel observed further cut in scrap purchase prices, while Kansai monthly Tender witnessed slight decline in winning bids. China's Shagang Steel kept their Scrap purchase price unchanged this week.