The recent rally in Steel prices has instilled a sense of optimism in the Silico Manganese producers. Most suppliers have raised offers against relatively tight supply
Domestic demand for Silico Manganese continues to grow, and market participants highlighted that demand was quite good in the week gone by. Ingot, which is generally a good indicator of the market – prices have increased by over INR 500 /MT in most places across India.
In Raipur, Silico Manganese producers have raised offers, and Silico Manganese 60-14 is being offered at INR 57,000 MT (Ex-Raipur). According to sources, Prakash Industries is offering Silico Manganese at INR 56,000 /MT (Ex-Champa, Chhattisgarh), unchanged from previous week’s prices.
In Durgapur, market sources reported of major power-cuts with the elections due in the region. Also, most producers have postponed booking till post elections. Silico Manganese 60-14 is currently being offered in the range of INR 56,500 – 57,000/MT (Ex-Durgapur).
Export Offers also up on Strong Rupee
In the export market, Silico Managnese offer prices have risen slightly on stronger Rupee and steady demand. Silico Manganese 60-14 is being offered at around USD 930/MT FoB East Coast of India and 65-16 grade offered in the range of USD 1,030–1040 /MT FoB East Coast of India.
“Market supply and demand is now approaching a balance following massive production cuts in sight of very weak demand earlier. As such, the market is witnessing a rebound in Silico Manganese alloy prices,” remarked a trader from Kolkata.
SteelMint assessed that the current liveliness in the Indian Steel Industry indicates that demand for Manganese Alloys will be firm. Furthermore, in the event of a war in Ukraine, Indian suppliers of Silico Manganese will see an accelerated rise in demand.
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