Silico Manganese offers remain firm on limited supply on the backdrop of power restriction in Durgapur.
“The price has been firm on the shortage of the commodity, accompanied by steady demand,” said a source referring to the current trend of Silico Manganese.
“A constant demand remains in play as commodities are witnessing hand-to-mouth existence,” said another producer source while discussing Silico Manganese market in India. He further added that they are low on inventory as production has been restricted due to the power cut.
Moreover, an increase in prices of Ferro Grade manganese ore by MOIL has also encouraged the producers to maintain their prices at the current level.
SteelMint assessed Silico Manganese prices at INR 67,000/MT (ex-Durgapur) and INR 66,000/MT (ex-Raipur).
Earlier, the producers lowered their offers to lure buyers. However, rising demand from China has restrained the exporters from lowering their offers further.
Export offers are assessed at USD 960/MT FOB India for 60-14 grade and USD 1080/MT FOB India for 65-16 grade.
Moving ahead, the market participants are of bullish sentiment, foreseeing the prices to maintain stability.
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