Domestic Silico Manganese prices are on the upside since March, due to strengthening of the Steel market in India. Market sources reported of increased demand, as most people foresee April as a strong month, amid expectations of higher consumption across the entire value chain in steel production.
Owing to a price advantage in domestic sales, export of Silico Manganese from India has lost momentum. Silico Manganese producers in India say exports not viable unless prices increase by USD 60/MT.
The domestic price of Silico Manganese have been ruling high over export market prices. Silico Manganese 60-14 is currently being offered at around USD 900 /MT FOB India, and Silico Manganese 65-16 at USD 1030 /MT FOB East-coast India – but have met with no buying interest at these inflated offer prices.
The sudden upward trend witnessed in domestic Silico Manganese price is due to the prevailing bullish sentiment in India with regards to the Steel market. Silico Manganese 60-14 is currently being offered in Raipur and Durgapur at around INR 63,000 /MT (USD 970/MT).
India is one of the major exporters of Silico Manganese in the world. India exported 0.67 MnT in FY16 and 0.48 MnT in FY17 (till Dec’16).
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