Sell-side players have raised offer levels, but have met with limited buying interest at these levels
There is a sudden shortage of silico manganese in the domestic market, although market participants highlighted demand at these levels are soft and believed a near-term uptick was unlikely. In Raipur, silico manganese 60-14 is being offered at INR 43,500-44,000 MT (Ex-Raipur). According to sources, Prakash Industries is offering silico manganese at INR 42,500 /MT (Ex-Champa, Chhattisgarh). In Durgapur, market sources reported of a supply crunch for Grade 60-14. Silico manganese 60-14 is currently being traded at around INR 44,000 /MT (Ex-Durgapur).
SteelMint assessed that the recent increase in prices is due to supply shortage in the market, and producers have increased offers and are waiting to see if these higher offers find acceptance in the market.
Indian Silico Manganese Export Offers Marginally Up
Producer sources said there were only a few enquiries in the market.
SteelMint assessed grade 60-14 is being offered at around USD 650/MT FoB East Coast India and 65-16 grade at around USD 695/MT, FoB East Coast India.
With prices rising marginally a producer from Kolkata stated, “The market has now stopped being pushed down. I believe the market will remain stable.”
Market participants said that recovery of prices was normal after a sustained period of weakness; and are unconvinced that this price rise will continue.
Exchange Rate: USD 1 = INR 67.1
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