Demand for silico manganese is strong, particularly with China looking to procure substantial volumes from India in the near future.
Indian producers of silico manganese have raised offers for the overseas markets owing to high demand from China. Many Silico Manganese producers in China have suspended production due to the strict and ongoing environmental inspections. This has resulted in tight supply of the material in China and hence they are importing now. Market sources believe that this suspension in Alloy production to last for a month.
Silico Manganese 60-14 is being offered at USD 680 /MT FOB East-coast India, and 65-16 is being offered at USD 750/MT FOB East-coast India.
“After a long period of weakness there is some optimism in the market now, and in the coming days we are expecting prices to be well supported,” stated a producer from Kolkata.
Domestic Silico Manganese Prices Increase on Rising Manganese Ore Prices
Indian producers have increased their prices in the domestic market seeing the imported Manganese Ore prices increase alongwith rising overseas demand.
There is panic buying in the market as most partipants believe prices to go on rising this week. “The knowledge of increasing imported ore prices in India, has helped push up prices in the domestic market,” stated a producer based in Kolkata. Some trader sources pointed out that they are buying more now to stock up as prices are expected to increase further.
SteelMint weekly assessment was made at INR 45,500-46,000/MT (Ex-Durgapur) and INR 44,500/MT (Ex-Raipur). Currently Praskash Industries is offering silico manganese at INR 43,500/MT.
Most market participants believe that Silico Manganese producers will sharply increase offer prices on a confluence of factors like rising ore prices and strong external demand for the all.
Exchange Rate: USD 1 = INR 66.7
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