Silico Manganese prices remain unchanged from last week on resilient demand from buyers. Trade levels suggested the market was strengthening.
In the domestic market, Silico Manganese prices remain firm as demand rises. Current offers of Silico Manganese (grade 60-14) are at around INR 54,500-55,000/MT (Ex-Raipur), INR 55,500/MT (Ex-Vizag) and INR 55,500-56,000/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 53,000/MT (Ex-Champa). In Durgapur, there is shortage of supply as few plants have closed their bookings for the month. However, few plants in Durgapur are selling the material at a discounted rate as they are facing shortage of fund with financial year-end approaching.
[su_quote]A Raipur based traded remarked, “Sentiment is reasonably positive in the market, but we are expecting prices to remain at this level till mid-April.”[/su_quote]
Export Market
In the export market, Indian suppliers of Silico Manganese have raised offer levels in line with strengthening of INR, and with increase in demand from Europe, Middle-East & Far-East Asian countries. Silico Manganese 60-14 is being offered at USD 920/MT FOB East-coast India and Silico Manganese 65-16 is being offered at USD 1,030/MT FOB East-coast India. Deals were heard to be concluded from India for South-East Asia countries like Thailand, Malaysia and also including few countries of the Middle-East & Europe, for deliveries till April.
[su_quote]“We have got lot of inquires from international buyers and currently we are also filled with bookings till April. Owing to high demand and shortage of supply we have raised our offers”, stated a producer source from Kolkata.[/su_quote]
Market sources cited that Silico manganese market to remain bullish. Prices are unlikely to rise in March as it’s the financial year-end. SteelMint assessed that in April, prices for Silico Manganese could be higher as demand is expected to remain firm.
Exchange Rate: USD 1= INR 61.02
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