Silico Manganese prices edge up on good demand as the market witness supply shortage.
Silico Manganese prices were up in the domestic market as there is shortage of material. Steel demand from private construction sites has picked up in April as it is a busy season for construction activities. This result in high Ingot production in the country, which is generally a good indicator of the Silico Manganese market.Currently, Silico Manganese (grade 60-14) offered at around INR 56,000/MT (Ex-Raipur), INR 56,500/MT (Ex-Vizag) and INR 56,000/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 55,000/MT (Ex-Champa). Market sources reported of good demand for which market is facing a supply crisis. Some market participants are of the view that prices have risen because finished steel prices have increased.
[su_quote]A Raipur based trader remarked, “The market is looking strong. I think prices will remain at this level for this month. “[/su_quote]
Export Market
In the export, Silico Managnese prices are unchanged on moderate demand. Silico Manganese 60-14 is being offered at USD 920/MT FoB East Coast of India and 65-16 grade offered at USD 1,030/MT FoB East Coast of India. Indian producers reported of weak demand from China but modest demand from European & North American buyers.
[su_quote]“Demand in the export market is low. If demand will be at the same level prices will roll on,” stated a trader from India.[/su_quote]
Market sources are predicting that Silico Manganese prices are likely to rise as there is decent demand along with shortage of supply. SteelMint assessed that demand for Silico Manganese alloy supply has fallen sharply with the rising demand, so any downside room in Silico Manganese alloy prices is expected to be limited in the near future.
Exchange Rate: USD 1= INR 60.77
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