The Silico Manganese prices witnessed a slight uptick as producers of the commodity are holding limited inventory after strong buying witnessed in the last two weeks gone by.
Moreover, sell-side participants were observed to be bullish in view of increasing number of inquiries from overseas market alongside stable domestic demand.
SteelMint assessed Silico Manganese offers at INR 64,000/MT (Ex-Durgapur) and (Ex-Raipur).
“Despite the manganese ore prices going down, the prices of Silico Manganese maintained uniformity,” said a producer source expressing his satisfaction with the deals that are being concluded. The rise in overseas demand has supported the domestic prices for Silico Manganese as well, he added.
“The overseas demand is observed to have gained ground as new inquiries from almost all over the world has been received,” said another producer source hinting a further rise in export offers.
SteelMint assessed export offers at USD 970/MT FOB India for 60-14 grade and USD 1080/MT FOB India for 65-16 grade.
On the future outlook, market participants are of the view that Silico Manganese prices may move up further supported by overseas demand and strong steel fundamentals in the domestic market.
Leave a Reply