Silico Manganese prices have found support at current levels, showing very little indication of change.
The recent rally in Steel prices has instilled a sense of optimism in the Silico Manganese producers. Silico Manganese 60-14 is being offered at INR 64,000 /MT (Ex-Raipur) and at INR 64,000 /MT (Ex-Durgapur). Also, most producers are totally booked out for the month and have very little material to offer in the market. However, in Raipur 7-8 furnaces which had temporarily halted production, are set to resume operations.
In the export market, Indian producers have kept offers firm in line with the Indian Rupee stabilizing, and with domestic Silico Manganese prices rising amid strengthening of the steel market in India. Buying interest was reported from Japan, Turkey and other European countries. Silico Manganese 60-14 is being offered at USD 920 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 1040 /MT FOB East-coast India.
“Market supply and demand is now approaching a balance following massive production cuts in sight of very weak demand earlier. As such, the market is witnessing a rebound in silico manganese alloy prices,” remarked a trader from Kolkata.
SteelMint assessed that at the moment we are seeing Steel production ramping up across India, so buying interest in Silico Manganese will continue to be high until there is a drop in demand for Finish Steel.
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