Silico Manganese prices ticks slightly higher on sustained buying interest from end-users.

Current prices of Silico Manganese are at INR 53,500-54,000 /MT (Ex-Raipur), INR 55,000 /MT (Ex-Vizag) and INR 54,000-54,500/MT (Ex-Durgapur).According to sources Prakash Industries is currently offering Silico Manganese at INR 54,000 /MT (Ex-Champa), up by INR 1,000 /MT from last week prices. A distributor reported to SteelMint that TATA’s branded Silico Manganese 50-12 Silicomag is being offered at INR 43,000 /MT FOR West Bengal. In Durgapur currently, most end users prefer TATA’S Silicomag.

MOIL has increased price by 3% across all products for 4th Qtr (Jan-Mar) which will impact producers’ margin by INR 100-200/MT.

Export Market

Indian origin Silico Manganese prices held steady in the export market after European market participants returned from a seasonal break. Silico Manganese 60-14 is being offered at USD 880 /MT FoB East-coast India, 65-15 is being offered at USD 990 /MT FoB East-coast India, and 65-16 is being offered at USD 1010 /MT FoB East-coast India. Market participants said, they expected a re-emergence of some buying this week.

[su_quote]A trader from Kolkata remarked, “Demand for Silico Manganese has been shrinking in the export market for long and so producers are hesitant in increasing the prices.”[/su_quote]

SteelMint learnt from market sources that better demand is expected for Silico Manganese in the near future and prices could rise slightly in the next week or two. However, it is unclear how the buyers would react to the raised offers.

Exchange Rate: USD 1= INR 62.35