Indian Silico Manganese offers remain firm on persistent healthy demand supported by strong steel fundamentals.
The export offers for Silico Manganese has been on the rise lately owing to improving demand for its 65% grade in the overseas markets, witnessed in a rising number of spot trade.
“Europe has returned to the market, joining the buyers list along with the other countries,” revealed a producer source, seeming confident on the present trend of the commodity. He further mentioned about the offers likely to be raised very soon on account of strong demand and appreciation of the Rupee.
SteelMint assessed export offers at USD 1050/MT FOB India for 60-14 grade and USD 1180/MT FOB India for 65-15 grade. With high demand especially for 65% grade, sell-side participants are expecting it to escalate to USD 1200/MT in the coming days.
Domestic market on the other hand remained highly influenced by overseas demand. High realization value of 65% grade in international market has lured most of the producers away from 60% grade, creating a supply constraint and firm offers.
Domestic offers for Silico Manganese have been assessed at INR 66,500/MT (Ex-Raipur) and INR 68,000/MT (Ex-Durgapur).
On the future outlook, market participants are observed to be bullish as they are expecting a further rise in prices owing to increasing trading activity from both domestic and international markets.
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