Silico Manganese prices are firm as sources reported of resilient demand from end-users and tightening supplies in the market.

In the domestic market demand for Silico manganese has improved as Steel prices have risen. Current prices of Silico Manganese (grade 60-14) are INR 54,000/MT (Ex-Raipur), INR 55,000/MT (Ex-Vizag) and INR 54,500/MT (Ex-Durgapur).According to sources, Prakash Industries is currently offering Silico Manganese at INR 53,000/MT (Ex-Champa). TATA’s branded Silico Manganese 50-12 Silicomag is being offered at INR 43,500/MT FOR West Bengal.

[su_quote]A Raipur based trader remarked, “Consumption of Billet & Ingot has increased in the market for which demand for Silico Manganese has improvised. This has led to a shortage of supply in the market.”[/su_quote]

In Durgapur, DVC power rate increased from 3.63 to 4.65 per unit. This increased rate is being applied retroactively and amounting to approx 12 million per MW. Durgapur Ferro plants are up in arms against this hike because even small companies have an increased burden of INR 60-70 million.

Export Market

Deals and offers were steady in export market after the holidays. Looking at dull market condition, Indian traders have lowered their offers. Silico Manganese 60-14 is being offered at USD 870/MT FoB East Coast India and 65-15 is being offered at USD 970 /MT FoB East Coast India. However, market participants said that they expected a re-emergence of some buying in the coming week.

On the future outlook, market participants are hoping that prices of Silico Manganese will increase on strong demand.

Exchange Rate: USD 1= INR 61.54