Silico Manganese prices remain unchanged despite rising demand.
There has been a shortage of the commodity lately as most of the major Indian producers have been delivering to SAIL and are closed for the general market,” said a producer source discussing the price trend of 60-14 grade of the commodity.
Another source added that some of the major plants are not in a position to deliver as they were in maintenance for some period.
SteelMint assessed that the supply shortage from Durgapur due to low production owing to power cut and off-grade production by small-scale producers still remains in play.
Silico Manganese offers are assessed at INR 66,000/MT Ex-Raipur and Ex-Durgapur.
Demand from overseas also remains healthy and is observed to gain ground as an export offer for 60-14 grade increased to USD 1030/MT FOB India while remains unchanged for 60-16 grade at USD 1110/MT FOB India.
“Low production of Silico Manganese in China created a global shortage which encouraged Indian players to increase their offers,” said a source. He also hinted that some of the Ferro Manganese producers might turn towards Silico Manganese foreseeing its future prospect.
On a future outlook, market participants are expecting the offers to remain firm while some anticipate the same to correct upwards on supply shortage coupled with growing demand.
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