Silico manganese prices haven risen sharply, tracking a recovery in steel prices on a confluence of factors ranging from tight availability, resilience in demand from mills, and bullish expectations for steel consumption in the near future.
The silico manganese market strengthened, and offer prices in India rose sharply, on healthy interest from end-users and traders after a long period of declining price of silico manganese in India. silico manganese 60-14 is currently being offered at around INR 53,000/MT (Ex-Raipur) and at INR 52,000/MT (Ex-Durgapur), with few deals being concluded as the market awaits clearer direction. An increase in construction activities, has resulted in a stronger sentiment towards the semi-finish and finish steel market with prices rising across all major mandis.
However, not all market sources were optimistic about the recent rally in silico manganese prices, and expressed caution about the medium-term outlook. “Frankly speaking, it’s not so promising, as the rise in prices is very much and very quick, and I do not see any strong fundamentals to support it and that the current pick-up is more speculative than anything else,” remarked a trader source.
Silico Manganese Export Market
Demand in the silico manganese export market continued to remain capped with few inquiries. Many Indian producers have stopped offering in the export market looking at lean demand and want to sell in the domestic market as it’s more lucrative.
Deals, bids or offers in the export market were absent as Indian producers are certain that international buyers will not be interested in purchasing the material at higher prices.
Leave a Reply