Indian domestic Silico Manganese prices rose sharply in the third week of August on the back of increased demand from both domestic and export markets.
“Demand for the commodity is very strong and we are ready to buy at INR 66,000/MT but are unable to conclude deals as producers are reluctant to negotiate under INR 66,500/MT,” said a buyer source from Kolkata reflecting on the higher offers in the market.
Silico Manganese prices also moved up in Durgapur as producers raised offer prices again on increased seaborne Manganese Ore prices and robust demand for Silico Manganese along with limited supplies in the region. Silico Manganese 60-14 is being offered at higher prices in Durgapur at INR 66,500/MT. In Raipur however, Silico Manganese producers have kept offers unchanged from last week at INR 65,000/MT (Ex-Raipur), despite healthy demand for the Alloy.
Most producer sources claimed that high export demand and rising manganese ore prices are the prime reason for a surge in Silico Manganese prices. SteelMint assessed Silico Manganese export offers at USD 1050/MT for 60-14 grade and USD 1160/MT for 65-16 grade.
With improvement in demand coupling with surging imported manganese ore prices, market participants are speculating a further rise in offers of Silico Manganese in the near term.
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