The Silico Manganese market saw decent buying activity from domestic users, and producers are waiting for MOIL to declare prices for the next-quarter.

Currently prices of Silico Manganese are INR 53,000 /MT (Ex-Raipur), INR 54,000 /MT (Ex-Vizag) and INR 53,000-53,500 /MT (Ex-Durgapur).According to sources Prakash Industries Ltd, one of the big Silico Manganese manufacturer based in Chattisgarh is currently offering Silico Manganese at INR 52,000 /MT (Ex-Champa).

[su_quote]A Raipur based producer looking at market condition stated, “Silico Manganese prices this week remain well supported by stable domestic demand.”[/su_quote]

Export Market

Demand for Indian origin Silico Manganese remains weak in the export market because of Christmas and New Year holidays. Silico Manganese 60-14 is being offered at USD 880 /MT FoB East-coast India, 65-15 is being offered at USD 990 /MT FoB East-coast India, and 65-16 is being offered at USD 1010 /MT FoB East-coast India.

A deal was heard to be concluded from a Kolkata based company for 400 MT of Silico Manganese (60-14) at around 870 /MT CIF Busan, Korea. Reportedly, the company has also traded to Korea 800 MT of Silico Manganese for this January, with 200 MT reaching by the first week of January. However, most producers reported a lack of enquires, bids and deals during the past week.

SteelMint learned from market sources that there is confidence in the future market for Silico Manganese, as most market participants are holding a positive outlook with better demand expected soon.

Exchange Rate: USD 1= INR 62