Market sources were rather muted in their price outlook for the next month, but did not rule out higher prices with the uncertainties surrounding the Ukrainian-Russian conflict.
Domestic demand for Silico Manganese continues to grow, and market participants highlighted that purchasing was quite good in the week gone by. According to sources, Prakash Industries is offering Silico Manganese at INR 56,000 /MT (Ex-Champa, Chhattisgarh), up by INR 1,000 /MT from previous week’s prices. As a result, other Silico Manganese producers in Raipur have also increased their offers by INR 500 /MT. Silico Manganese 60-14 is being offered at INR 56,500 MT (Ex-Raipur). In Durgapur, market sources reported of a supply crunch for grade 60-14, as most producers are producing higher grade material (65 grade). Silico Manganese 60-14 is currently being traded at around INR 56,000/MT (Ex-Durgapur).
In the export, Silico Managnese prices are unchanged on moderate demand. Silico Manganese 60-14 is being offered in the range of USD 920-930/MT FoB East Coast of India and 65-16 grade offered at around USD 1,030/MT FoB East Coast of India. Indian producers reported of weak demand from China but modest demand from European & North American buyers. A marketing head from a major Ferro Alloy company remarked, “Silico Manganese prices have found support at current levels, showing very little indication of change.” He further highlighted that some overseas buyers were still waiting on the sidelines in hope of booking material at discounted rates, but the regular buyers are in agreement with the current offers.
SteelMint assessed that at the moment we’re 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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