Silico Manganese prices remain unaltered for the second week as demand in the domestic market wanes.
In the Indian market, Silico Manganese prices remain unchanged, but facing lower demand from end-users. Current prices of Silico Manganese (grade 60-14) are INR 54,500/MT (Ex-Raipur), INR 55,500/MT (Ex-Vizag) and INR 55,000/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 52,000/MT (Ex-Champa). TATA’s branded Silico Manganese 50-12 Silicomag is being offered at INR 44,250/MT FOR West Bengal.
[su_quote]A Raipur based trader remarked, “I expect to see little change in prices because steel fundamentals remain largely unchanged, despite the rise in steel prices recently.” He further highlighted demand is very weak in the domestic market, suggesting greater dependence on overseas sales. [/su_quote]
Export Market
Indian origin Silico Manganese prices rise in the export market owing to better demand from international buyers. Silico Manganese 60-14 is being offered at USD 890-900MT FoB East Coast India and 65-15 is being offered around USD 990-1,000/MT FoB East Coast India. SteelMint learned from market sources that supply was restricted from Ukraine to European nations and so demand for the material has risen from India. Rise in demand was also reported from Middle-East, Latin American & South-East Asian countries.
[su_quote]“The export market really looks very bullish and I expect it will get much better by next month. We have got lot of inquires and currently we are also filled with bookings till March”, reported a producer from Kolkata.[/su_quote]
On the future outlook, market watchers had mixed opinion. Some market participants are predicting that there are chances for the domestic market to get better as export market is faring well and the export market is likely to get stronger by March. On the other hand, few market sources think that prices to stay at this level and market condition for Silico Manganese to remain depressed by the persistent problem of output overcapacity in India.
Exchange Rate: USD 1= INR 62.02
Leave a Reply