Silico Manganese prices continued the upward trend seen over the last week, as market sources said there was no change to tight supply in the market, supported by resilient demand.
The domestic market for Silico Manganese witnessed high demand from end-users. Silico Manganese 60-14 is being offered at INR 58,000 MT (Ex-Raipur). According to sources, Prakash Industries is offering Silico Manganese at INR 57,000/MT Ex-Champa, Chhattisgarh. In Durgapur, Silico Manganese 60-14 is at around INR 57,500/MT. Market sources reported of strong demand along with shortage of material, for which prices have increased. Tata’s branded Silicomag is also not being offered as they are facing governmental issues with regards to mining operation.
[su_quote]A Raipur based producer remarked, “Sentiment is reasonably positive in the market and we are expecting prices to remain well supported on strong domestic demand.”[/su_quote]
Export Market
In the export market, Silico Manganese prices remain unchanged on steady demand from international buyers. Silico Manganese 60-14 is being offered at around USD 930/MT FoB East Coast of India and 65-15 grade offered in the range of USD 1,020-1,030/MT FoB East Coast of India.
[su_quote]“We are witnessing fewer inquires contrary to the current trend in the market,” stated a Kolkata based producer. He further highlighted that although INR is appreciating we are unable to increase export offers.[/su_quote]
On the future outlook, market watchers are assuming that prices for Silico Manganese will continue to rise as there is strong domestic demand. SteelMint assessed that the Silico Manganese market supply & demand are now approaching a balance following production cuts earlier. As such, the near-term may not see further consolidation in Silico Manganese prices.
Exchange Rate: USD 1= INR 59.61
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