Indian Silico manganese prices have been escalating since the start of the year and the prices are now stable since mid of last week. The prices of Silico Manganese came down marginally in the Durgapur area last week as traders with greater inventory pulled down the prices. However, with the supply shortage of Silico Manganese, the prices did not fall much. Producers in Durgapur and Raipur are enjoying good demand from the consumers. Prices are expected to be rangebound for now. Meanwhile, in Raipur producers have started to quote higher amid supply shortage. Producers are overbooked and the material booked for same-day delivery is being booked at a higher cost.
Producers in Raipur have started quoting INR 68,000/MT Ex-Raipur. Although the acceptance of this price is still lagging, only buyers with an immediate need for material are booking at such levels. Meanwhile, in Durgapur, the prices are stable at INR 68000-68,500/MT. The producers feel that the prices might be stable in the short term. In the export market, the price increased W-o-W to USD 970/MT for 60-14 grade and USD 1020/MT for 65-16 FoB India amid a strong domestic market. Concurrently, the global market has also strengthened due to reduced production levels of Silico Manganese and continuously increasing imported Manganese Ore prices.
On the future outlook, the prices may remain stable for now until the supply situation matches the current demand of Silico Manganese in the market.
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