Silico manganese prices have increased marginally this week in most places, although market sentiment remains bearish as there’s no pickup in demand.
Silico manganese market uptick this week in Raipur as there is power shortage, which led to decrease in production and increased offers in spite of low demand. Current price for 60-14 grade is at around INR 57,500/MT (ex-Raipur), INR 58,500/MT (ex-Vizag) and INR 58,000/MT (ex-Durgapur). According to sources, Prakash Industries is currently offering Silico manganese at INR 56,000/MT (ex-Champa). Market sources believe market will witness no price movement till end of the next week as there is limited trade expected during Durga Puja festival.
Export Market
In the export market, mainstream prices are firm, and with more inquiries expected after October, suppliers & traders are not under any pressure to offer aggressive quotations. Silico Manganese 60-14 is being offered at around USD 920/MT FoB East Coast of India and 65-16 grade is at USD 1,020/MT FoB East Coast of India.
“The international buyers seem to be waiting on the sidelines to ascertain a better idea of market direction before they decide whether they want to purchase or not,” stated a producer from Kolkata.
As outlook, market participants assume that price level of Silico manganese will remain unchanged till mid-October and demand will also remain at low level.
Exchange Rate: USD 1= INR 61.48
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