Silico Manganese prices remain unchanged although the market was relatively active on better demand.

Silico Manganese prices remain firm in the domestic market as trading edged up this week. Current prices of Silico Manganese (grade 60-14) are INR 54,000/MT (Ex-Raipur), INR 55,000/MT (Ex-Vizag) and INR 54,500/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 53,000/MT (Ex-Champa). TATA’s branded Silico Manganese 50-12 Silicomag is being offered at INR 44,000/MT FOR West Bengal, up by INR 500/MT from last week prices.

[su_quote]A Raipur based trader stated, “Demand for Silico Manganese has improved in the domestic market and I expect that prices to remain firm in the month of February.”[/su_quote]

Export Market

In the export market buying interest eased with the on-going Chinese New Year holidays. Silico Manganese 60-14 is being offered at USD 870/MT FoB East Coast India and 65-15 is being offered at USD 980/MT FoB East Coast India. Market sources reported of stable demand from Middle-East & European Nations but very weak demand from South-East-Asian countries.

[su_quote]“I personally feel that the market might be slightly better after the Chinese New Year with some slight upside movement,” remarked an Indian based trader.[/su_quote]

On the future outlook, market sources reported to SteelMint that prices for Silico Manganese to increase marginally in the coming months as demand for Finished Steel is also expected to rise.

Exchange Rate: USD 1=INR 62.77