Silico manganese prices moved up this week as the Indian government has announced MIP on 173 steel products.
Silico manganese prices have increased sharply this week. SteelMint assessed grade 60/14 prices at around INR 40,000 (Ex-Raipur and Ex-Durgapur).
Indian Silico Manganese producers have increased their offers with improved sentiment in the market, on announcement of MIP by the Indian government. MIP (Minimum Import Price) is the price fixed by the government below which imports will not be allowed in to India irrespective of prices in the international market. With this imposition Indian steel prices witnessed an immediate recovery. Therefore, silico manganese producers have increased their offers as they think increased prices of silico manganese will soon find acceptance in the market.
“Steel prices have improved. Everyone is expecting a stronger steel market in the coming days,” stated a producer from Raipur.
Silico Manganese Export Market Improving
The export market had been sluggish for some time, but now market sources are reporting of increase in inquiries.
Silico manganese prices continue to be on the same level in the export market but trade volumes are slowly picking up again. SteelMint assessed that grade 60-14 is being traded at around USD 600/MT FOB East-coast India, and grade 65-16 is being traded at around USD 640/MT FOB East-coast India.
Market sources are of the view prices for silico manganese will increase further on the back increase in steel prices across India.
Exchange Rate: USD 1 = INR 67.9
Leave a Reply