Silico Manganese prices moved higher as sources reported of tighter supply in the market. Prices remain well supported in the market as demand remains strong.
Silico Manganese prices rise for the fourth week in row as supply crunch remains in the market. Silico Manganese 60-14 is being offered at around INR 61,000-61,500/MT (Ex-Raipur). According to sources, Prakash Industries is offering Silico Manganese at INR 61,000/MT (Ex-Champa, Chhattisgarh). The Supreme Court’s order to suspend mining lease of 6 Manganese ore mines in Odisha has not had much effect in Raipur, as producers in Raipur mostly procure ore from MOIL or use imported ore for smelting. In Durgapur, Silico Manganese 60-14 is being traded at around INR 59,000/MT. Prices in Durgapur also raise as there is extreme shortage of supply. Firstly, Tata Steel is not offering Silicomag in the market and secondly, there is shortage of Manganese ore as some mines in Odisha are not operational at the moment.
[su_quote]A producer from Raipur reported to SteelMint, “The market is very active and I believe now the prices will remain at this level. If prices go up higher, traders will be unwilling to purchase and will wait for prices to settle down.”[/su_quote]
Export Market
In the export market, Indian producers have maintained firm offer levels as prices are higher in the domestic market, and demand from foreign buyers is also improving. Silico Manganese 60-14 is being offered at around USD 960/MT FoB East-Coast India and 65-16 grade offered in the range of USD 1,050/MT FoB East-Coast India.
[su_quote]”The export market is not attractive at present with the dollar rate fluctuations, and good prices achievable in the domestic market,” opined a manufacturer source from Kolkata.[/su_quote]
On the future outlook, with higher prices achievable in the market due to increase in demand, along with shortage of ore and Silico Manganese, it is expected prices will remain firm for the next month as well.
Exchange Rate:USD 1 =INR 58.82
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