Indian Silico Manganese producers raise their offers as demand from overseas gain momentum after Indian prices become more attractive than Ukranian Silico Manganese.
Sell-side participants were observed to be optimistic post a persistent bearish market after demand from overseas markets like Europe and Far-East rebounded.
“Healthy demand is coming in from Far-East Asian and some middle-eastern countries,” said an exporter. Moreover, Europe has started to inquire which earlier was importing from Ukraine due to competitive prices.
Export offers are assessed at USD 960/MT FOB India for 60-14 grade and USD 1070/MT FOB India for 65-16 grade.
“Demand for the commodity in the domestic market has been very weak, commented a trader source. Moreover, a decline in Manganese Ore prices also took away the support from Silico Manganese prices, he added.
However, in line with rising export demand, the producers raised their offers to INR 63,000-63,500/MT (Ex-Durgapur) and INR 64,000/MT (Ex-Raipur). Producer sources expect their raised offers to find acceptance soon.
On the future outlook, most market participants expect Silico Manganese prices maintain stability as domestic demand is poor but overseas demand has improved.
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