Silico Manganese prices regained ground as limited availability coupled with demand from end-users that have run down inventories lent support and firmed trade levels.
Sell-side players remained firm on offer levels, anticipating a continued strengthening in steel markets. SteelMint assessed that there has been an increase in offers from Silico Manganese producers this week, and end-users have started to react to these increased prices, believing that prices may further increase in the domestic market due to low production and limited available deliveries.
SteelMint assessed Silico Manganese 60-14 offer prices at INR 65,000/MT (Ex-Durgapur) and INR 65,000/MT (Ex-Raipur).
In the export market, Indian producers have raised offer levels in line with strengthening of the Rupee, and better demand from Europe and the Middle-East.
An official with an Indian producer said, “The Indian Rupee has appreciated over the past three to four days so sellers would like to increase prices, and we are confident our customers would accept higher offers.”
Silico Manganese 60-14 is being offered at USD 1040 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 1150 /MT FOB East-coast India.
On the future trend, most market participants believe there is a possibility of a further price-rise in the domestic market, due to tighter availability expected to prevail in the coming days.
Leave a Reply