Silico manganese prices rise in the domestic market as the Indian Rupee weakened and Finish steel market strengthened.
Indian producers of silico manganese have raised offers in the domestic market owing to the weakened INR, trading at 66.7/USD, making exports a more lucrative option for them. Few manufacturers based in central India mentioned that semi-finish and finish steel prices have witnessed a steep increase, prompting higher offers for silico manganese in the domestic market.
Current offer for grade 60/14 SiMn both in Raipur and Durgapur is at INR 46,000/MT.
A Raipur based producer remarked, “We are expecting prices to remain well supported.”
SteelMint assessed that the rise in prices could be easily offset by increase in production levels. And, it is to be seen whether the uptick in silico manganese prices can be sustained.
Silico Manganese Export Market Prices Goes Down
Owing to the weakened currency exchange rate, Indian producers have decreased offers in the export market. Grade 60/14 is being offered at around USD 725-730/MT FoB East Coast India and 65/16 grade at around USD 790/MT, FoB East Coast India. Although prices are down, demand continued to remain weak.
A Kolkata based producer remarked, “Weak demand continues to persist in the export market, and weaker INR has factored in price reduction.”
Exchange Rate : USD 1 = INR 66.7
Leave a Reply