* Slight improvement seen in the market but no major change
in prices
* Buying activities to pick up in coming weeks
* Declining Rupee might give some support
Silico Manganese
Domestic grade 60/14 is currently traded at Rs
52,000-53,000/MT Ex works. “Market has improved slightly. Enquiries and orders
are seen both for domestic sale and exportsâ€Â, said a top official from a major
manufacturing company.
“Power tariff in Durgapur belt has already increased and manganese
ore prices in international market have also moved up by 20 cents. So, chances
are strong for ferro alloys prices to move up in the coming weeks. However the
amount of rise cannot be defined at presentâ€Â, he added further.
Buyers in the international market especially Europe are
also back after the New Year holidays. So, buying activities in international
market are expected to pick up in the coming weeks.
Ferro Manganese
High carbon ferro manganese 70% is quoted currently at Rs
49,500-50,000/MT Ex works, i.e. unchanged from the previous week. However, there
is a positive impulse in the market.
“Ferro alloys producers are selling almost neck and neck. So,
prices should improve in the coming weeks if there is continuous support from demand
side and if the power and manganese ore prices move upâ€Â, said another top
official from a leading manufacturing company.
Indian Rupee has declined to 55 i.e. down by 0.6 per cent
against the Dollar over the past week. Short-term support for the currency is seen
at 55.20 and 55.45. So, this might support the improved sentiments in the
market and bring some cheer for Indian exporters.
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