The Silico Manganese prices in India has risen sharply, on healthy interest from end-users and traders.
Silico Manganese prices have 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 April.
Offer price for Silco Manganese grade 60-14 have moved up by INR 500/MT at INR 59,500/MT (Ex-Raipur), Whereas, the price of same grade remained firm at INR 60,000/MT (Ex-Durgapur).
On the global front, appreciated INR against USD has played a crucial role, as realization from exports is much lower than that in the domestic market.
Most producers are not offering Silico Manganese grade 60-14 for exports, reported market participants. Whereas, the offers for Silico Manganese grade 65-16 remained unchanged at USD 970/MT.
SteelMint assessed that in the coming 2-3 weeks, Indian Silico Manganese market should run steadily and prices may stay at current levels.
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