INDIAN SiMn SNAPSHOT: Demand scarce as prices remain low

Key data from July 21 pricing session in London:

Silico-manganese 65% min Mn 16% min Si $ per tonne fob India 
 

Key drivers
-There has been no trigger or reason for prices to change in the last week; low prices seen on European silico-manganese have not yet had an impact on Indian material.
-With prices at current levels, producers are reluctant to sell as there is little profit to be taken. Prices could have further to fall, market participants suggested, but demand is slow and business is scarce at present so the floor has not been tested.
-Indian producers may have to wait until September to hear the outcome of European anti-dumping investigations, by which time demand could have picked up.

Key quotes
“The prices are close to the bottom, but I think they might go even further.”
Consumer

“Everybody has a cash crunch, so if we saw $780 that would not be surprising.”
Producer

“Nothing is happening… there’s stuff happening to European prices but it’s not affecting India.”
Trader

Charlotte Radford
charlotte.radford@metalbulletin.com  
Twitter: @CRadford_MB