Momentum in the Manganese alloys market continues in line with its improving demand.
“Silico Manganese prices have found support on healthy trading activity from both domestic and overseas market,” said a producer source while discussing the deals that are being concluded at elevated offers. He also mentioned the improving steel industry as another reason to encourage higher offers for Silico Manganese.
SteelMint assessed Silico Manganese at INR 66,500/MT (Ex-Raipur) and INR 67,000/MT (Ex-Durgapur).
Ferro Manganese prices on the other hand remained stable despite strong demand as its offers were in the range of INR 72,000-73,000/MT for both (Ex-Durgapur) and (Ex-Raipur).
Export offers for Silico Manganese grade 65-15 has jumped to USD 1180/MT FOB India, owing to its increasing demand from the Middle-East, Far East and other Asian countries, while offers for 60-14 grade is stable at USD 1050/MT FOB India amid its moderate demand. A producer source revealed that they are considering at hiking their offers to USD 1200/MT for grade 65-16, as they will have very limited material to offer in September.
Export offers for Ferro Manganese reflected similarity to the domestic market as it remained stable USD 1135/MT for 70% grade and USD 1200/MT for 75% grade.
Sell-side participants are confident that their prices will find acceptance as they expect Europe to join the buyers list very soon. Domestic players are of anticipation that the prices may still continue to move upwards.
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