A recent spurt in overseas demand coupled with rising Manganese Ore prices has pushed Silico Manganese prices higher.
Prices of Manganese Ore have elevated substantially leaving no option to the producers but to increase their offers. Moreover, the current price-mechanism suggests that the present demand-supply balance has created an environment of agreement with respect to Silico Manganese prices among the market participants.
SteelMint assessed that Silico Manganese 60-14 is being traded at around INR 65,500/MT (Ex-Raipur) and INR 65,000/MT (Ex-Durgapur).
In the export market, the Indian Silico Manganese producers revealed that they have been witnessing rise in inquiry from overseas. Europe, the Middle –East and some of the other Asian countries are keen to procure Indian Silico Manganese.
Following the same, the export offers have also gone up, and is now being offered at around USD 1000/MT FOB India for grade 60-14 and price of grade 65-16 is unchanged W-o-W at USD 1090/MT FOB India.
In consonance with the present sentiment, SteelMint assessed that Silico Manganese prices might remain stable for the next 2-3 weeks.
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