Indian silico manganese prices have been rising since early November, amidst increasing steel prices. The silico manganese prices are rising and producers are firm with their offers.
In the past few weeks the steel prices have increased sharply and this has provided leverage to the Indian silico manganese producers to increase their offer levels. Meanwhile, in Durgapur, this upward sentiment is also backed by the low supply of imported manganese ore and recent rebound in the manganese ore prices.
In the exports market, prices have been relatively stable due to current depreciation of Indian Rupee, which has provided room for negotiations to the silico manganese producers. Meanwhile, the demand for 60-14 grade has slightly improved, but there is better demand for the 65-16 grade.
Price Assessments:
Currently, prices in Raipur are assessed at INR 62,000-62,500/t, with most deals concluded at around INR 62,000/t. Meanwhile, prices in Durgapur are at around INR 62,500-63,000/t, and most of the producers have revised their offers by late evening to INR 63,000/t. In the exports market, the price of silico manganese 60-14 is at around $830/t, and 65-16 is at around $905/t FoB India. While, many producers have increased their offer levels to upto $925/t, but no deals have been recorded so far at these levels.
Outlook:
Prices of silico manganese are expected to increase marginally amidst strong domestic demand and higher imported manganese ore prices.
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