Indian Silico Manganese producers raised their offers owing to a rise in global Manganese Ore prices.
Prices of Manganese Ore have elevated leaving no option to the producers but to increase their offers. Albeit, there has not been much activity at the elevated price, as buyers are returning to the market from Dussehra and Gandhi Jayanti holidays.
The West Bengal based participants have returned to the market after a week on account of Durga Puja in West Bengal and are of an optimistic view that trading activity should pick pace.
SteelMint assessed that Silico Manganese 60-14 is being quoted at around INR 65,000/MT (Ex-Raipur) and (Ex-Durgapur).
While discussing such an uptick in offers of Raipur based commodity, a producer source aimed at the substantial increase in Manganese Ore prices by MOIL. Most Silico Manganese producers from Chhattisgarh rely heavily on Ore from MOIL and private mines around Balaghat region, due to the close proximity.
In the export market, the Indian Silico Manganese producers revealed that they have been witnessing constant inquiry from the Middle –East and some of the other South-East Asian countries.
Despite the increase in imported Manganese Ore offers, the producers kept the export offers for alloy unchanged at USD 1050/MT FOB India for 60-14 grade and USD 1190/MT FOB India for 65-15 grade.
SteelMint assessed that having to deal with soaring raw material prices, the offers for Silico Manganese is likely to stay firm.
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