Silico Manganese prices remain unaltered as there is shortage of supply in the market. Reportedly, there was resilient demand from participants.
In the domestic market, Silico Manganese prices saw no change but there is shortage of material. Currently, Silico Manganese (grade 60-14) offered at around INR 55,000/MT (Ex-Raipur), INR 55,500/MT (Ex-Vizag) and INR 56,000/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 54,000/MT (Ex-Champa). There is a shortage of material as quite a few Silico Manganese producers have channeled part of their resources in producing Ferro Manganese instead. The Ferro Manganese market has been more lucrative for the past 2-month.
[su_quote]A Raipur based trader remarked, “This week, trade was thin as the new fiscal year just started on 01 Apr, 2014. Currently, we are also facing some supply issues for which trade is low.”[/su_quote]
Export Market
The export market also saw no changes in terms of prices. There was visibly good demand in the export market. Silico Manganese 60-14 is being offered at USD 910/MT FoB East Coast of India and 65-16 grade offered at USD 1,030/MT FoB East Coast of India. Indian producers seem reluctant to decrease offers as demand from Europe has increased and also the Indian Rupee has strengthened.
On the future outlook, market sources reported that there will be stability in prices for Silico Manganese for the whole month of April. It is to be seen what direction the market takes as there is resilient demand for Silico Manganese, but production of the material has reduced.
Exchange Rate: USD 1= INR 59.98
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