Silico Manganese prices in the domestic market inched up on better demand along with supply crunch for the material.
Albeit, the domestic market of Silico Manganese witnessed some supply tightness, demand is better in the market. Current prices of Silico Manganese (grade 60-14) are around INR 54,500-55,000/MT (Ex-Raipur), INR 55,500/MT (Ex-Vizag) and INR 55,500-56,000/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 53,000/MT (Ex-Champa). In Durgapur, market participants reported of good demand as there is shortage of Tata’s Silicomag supply. Indian producers have decided to raise their domestic prices as there is better demand in the international market.
[su_quote]“The Silico Manganese market looks positive and we are hoping that market will gradually increase”, remarked a producer source from Raipur.[/su_quote]
Export Market
In the export market, Silico Manganese prices remained unchanged owing to strong demand from end-users. Silico Manganese 60-14 is being offered at USD 890-900/MT FoB East Coast India and 65-15 is being offered at around USD 990-1,000/MT FoB East Coast India. Reportedly, there is good demand from Europe, Middle-East & South-East Asian countries. Market participants are of the view that there is possibility of price rise in the export market as there is good demand by international buyers.
Market sources are predicting that Silico Manganese prices are likely to rise as there is decent demand along with shortage of supply. But, few market participants are of the view that Silico Manganese prices to stay at this level as it’s the time for year end. SteelMint assessed that demand for Silico Manganese to remain lively in this month and prices to remain firm.
Exchange Rate: USD 1= INR 60.92
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