Silico manganese prices rose as slew of fresh deals hit the market showing steel mills had accepted higher offer levels.
SteelMint assessment of silico manganese prices is INR 42,000 (Ex-Raipur), up by 1,000/MT from last week prices. In Durgapur, silico manganese is being offered at INR 43,000/MT. Last week deals were concluded at INR 42,000/MT (Ex-Durgapur). According to sources, Prakash Industries is offering Silico Manganese at INR 41,500/MT (Ex-Champa, Chhattisgarh).
Silico manganese producers reported that there are primary two reasons for price increase. Firstly, demand from steel mills have improved, as steel furnaces which had earlier shut down have reopened again. Secondly, with improvement in demand, the market is facing some shortage in supply for which prices have gained.
A producer from Raipur states, “Steel orders are quite healthy recently, and I heard some mills showed great willingness to restart steel production. Demand from end-users should be good moving forward.”
The silico manganese is receiving stronger support from finished steel market which is helping to spur purchases.
Silico Manganese Export Market Still Slack, Prices Unchanged
Indian origin silico manganese prices in the export market were unmoved amid thin trading activity.
Indian producers reported that European buyers are showing some buying interest but South-East Asian country buyers awaited for further clarity before making any purchases. “There might not be any obvious price movements this week because the export market situation is still unclear,” remarks a producer from Kolkata.
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.
Market sources predicted that the export market was unlikely to see a strong rebound as buyers would still need some time to assess conditions before resuming active trade.
Exchange Rate: USD 1 = INR 68.3
Leave a Reply