Offers for Indian Silico Manganese reflected stability on demand-supply equilibrium situation.
“Demand for Silico Manganese is low but constant, while curtailed production has limited selling pressure on the Silico Manganese producers,” said a source adding that they are low on inventory.
SteelMint learned that sellers are quite satisfied at current levels as one of the sources said: “Silico Manganese prices are already high, and raising offers further would require robust demand from the domestic as well as overseas markets.”
SteelMint assessed Silico Manganese prices at INR 71,000/MT (Ex-Durgapur) and INR 72,000/MT (Ex-Raipur).
Indian producers have reflected their disappointment in the overseas market as it has been way lower than their expectations.
However, despite soft demand from the seaborne market, the producers have maintained offer levels at USD 1080-1100 /MT FOB India for 60-14 grade and USD 1200 /MT FOB India for 65-16 grade.
“Imported Manganese Ore prices are also unchanged and has been supporting the Silico Manganese prices. Any change in the same could take some time to reflect its effect on the commodity’s price in India,” said another producer source.
On the future outlook, Silico Manganese offers are expected to remain stable until any change in demand is observed.
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