Silico Manganese prices corrected upwards on MOIL’s price revision.
A recent revision of Manganese Ore prices by around 10-12.5% has prompted the producers to raise offers of manganese alloys.
“I’m still not certain about the market and currently on wait-and-watch mode,” said a producer source who is waiting to see how the market reacts before quoting higher.
“Demand for Silico Manganese remains satisfactory as inquiries have been unaltered,” mentioned another source who claimed to have concluded deals at an elevated offer.
SteelMint assessed Silico Manganese offers at INR 73,000/MT (Ex-Raipur) and INR 72,000/MT (Ex-Durgapur).
While discussing the demand from overseas, a source revealed that European buyers have not yet returned to the market, but demand from Asian countries is firm.
Export offers are assessed at USD 1125/MT FOB India for 60-14 grade and USD 1225/MT FOB India for 65-15 grade.
On the future outlook, Silico Manganese offers are expected to surge on the backdrop of good demand coupled with higher Manganese Ore price.
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