Silico Manganese market recovers from shortage of supply as prices went down marginally. Sources, predicting market will be in a downward trend.
Silico Manganese prices were down in the domestic market as demand and previous price week’s level were not matching with buyers’ expectation. In Raipur, Silico Manganese 60-14 is being offered at INR 60,500/MT (Ex-Raipur). According to sources, Prakash Industries is offering Silico Manganese at INR 60,500/MT (Ex-Champa, Chhattisgarh). In Durgapur, Silico Manganese 60-14 is currently being traded at around INR 59,500/MT. Reportedly, supply of Silico Manganese in the market has increased and so prices have corrected marginally. Silico Manganese market has been very active in the last month. With good prices achievable for Silico Manganese in the Indian market, quite a few producers of Ferro Manganese have opted to channel their production towards producing Silico Manganese. Therefore, production level of Silico Manganese has increased.
[su_quote]“Production of the material has increased in the market. There was good increase in prices but this week the prices are down,” stated a producer from Raipur.[/su_quote]
Export Market
Indian-origin Silico Manganese demand in the export market remains moderate as prices held stable. Silico Manganese 60-14 grade is being offered at around USD 970/MT FoB East Coast of India and 65-16 grade offered at around USD 1,070 /MT FoB East Coast of India. Indian traders reported currency volatility is affecting the export market. With high prices of Silico Manganese in the export market, there were very few deals concluded.
[su_quote]A producer source from Kolkata remarked, “Silico Manganese prices are not being much accepted in the export market and trading has really being difficult, but we are hoping to gain acceptability at this level.”[/su_quote]
Market sources are anticipating that Silico Manganese market will not see a rise in price as supply issues are being resolved.
Exchange Rate: USD 1= INR 59
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