Silico manganese prices stabilized this week, after two weeks of gain.
SteelMint weekly assessment of silico manganese grade 60/14 was made at INR 40,500 (Ex-Durgapur) and INR 41,000/MT (Ex-Raipur) . According to sources, Prakash Industries is offering Silico Manganese at INR 38,500/MT (Ex-Champa, Chhattisgarh). Prices have remained unchanged although the market was relatively active on better demand.
A Raipur based producer stated, “Demand for Silico Manganese has improved in the domestic market and I expect that prices to remain firm in the month of February.”
Silico Manganese Export Offers Rise
In the export market, Indian suppliers of Silico Manganese have raised offer levels owing to high cost of production, as imported Manganese Ore prices have risen.
SteelMint assessed that grade 60-14 is being offered at around USD 620/MT FOB East-coast India, and grade 65-16 is being offered at around USD 660/MT FOB East-coast India. India producers reported that there is a shortage of imported manganese ore with Silico Manganese production rising, supported by better demand and higher prices for the alloy. Looking at the indian market scenario big international miners have increased their offer prices to India. This has further led to producers increasing export offers as cost of production has gone up.
Market sources are predicting that Silico Manganese prices will rise gradually as there is good demand.
Exchange Rate : USD 1= INR 68.6
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