Silico manganese prices regained ground as demand from end-users that have run down inventory lent support and firmed trade levels.
60-14 grade is being offered at around INR 57,500/MT ex-Raipur, INR 58,000/MT ex-Durgapur and INR 59,500/MT ex-Hyderabad. According to sources, Prakash Industries is offering at INR 55,500/MT (ex-Champa, Chhattisgarh). Presently, Silico manganese is not being offered in Vizag owing to cyclonic disruptions.
However, it is to be seen whether uptick in Silico manganese prices can be sustained, as rise in prices could be easily offset by increase in production level.
Indian ferroalloy maker, Visa Steel has started producing Silico manganese at its Odisha plant last week, confirmed a company marketing official. Amid shortage of Chrome ore, company has planned to switch to Silico manganese and is producing 100-120 MT per day.
Export Market
Silico manganese export market is weak with falling demand from overseas players. 60-14 grade is currently being offered at around USD 920/MT FoB East Coast India. While, 65-16 grade offers remain at the same level of USD 1,010/MT FoB East Coast India. There is limited possibility of any increase in export offers by Indian producers as buying interest is visibly low.
Exchange Rate: USD 1= INR 61.23
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