Indian producers of Silico Manganese have been forced to cut their offers to conclude desired sales
Silico Manganese 60-14 is being offered at INR 52,500 /MT (Ex-Raipur) and at INR 54,000 /MT (Ex-Durgapur). According to sources, Prakash Industries is offering Silico Manganese at INR 52,000 /MT (Ex-Champa, Chhattisgarh). A distributor reported to SteelMint that TATA's branded Silico Manganese 60-15 Silicomag is being offered at INR 54,000 /MT and Silico Manganese 50-12 at INR 43,500 FOR West Bengal. There is limited availability of Silico Manganese in Durgapur, and no fresh booking were done at the price-level mentioned above.
SteelMint learned from sources that trading activity was scant as buyers steered clear of any transaction – awaiting clearer market direction.
India's Sandur Manganese and Iron Ores (Smiore) is increasing Silico Manganese production, following the restart of operations at its second furnace, due to rising spot demand, a company source said. For the year 2013, Smiore is targeting total Silico Manganese output of 10,000-12,000 MT. The company has sold about 1,200 MT of Silico Manganese to European buyers at about USD 803/MT, FOB India basis, for September delivery. The remaining output was sold to domestic buyers at INR 49,539/ MT.
In the export market, Indian producers have raised offer levels in line with strengthening of the Rupee, and with better buying interest from Europe and Far-East Asian countries. Silico Manganese 60-14 is being offered at $ 870 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at $ 980 /MT FOB East-coast India.
SteelMint assessed overseas buyers wanting Silico Manganese cargoes from India would have to accept the increased offers as sellers would be unlikely to sell at lower levels.
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