Indian Silico Manganese Export Offers increase

 Export offers for Indian-origin Silico Manganese rose marginally this week, although this price rise is not driven by pickup in demand.

Indian producers have increased export offers in the market on the back of rising inquires and reduction in duty drawback. Export offers for grade 60-14 is around USD 730/MT FoB East Coast India and 65-15 grade at around USD 820/MT, FoB East Coast India. One Indian producer from Vishakhapatnam stated that prices have increased as their cost of production has increased. Power tariff in Vizag has increased by 5% to INR 4.87/unit.
Indian producers lamented about poor sales activity in the export market;however, there is a rise in inquires from Middle East, South-East Asian and Far-East Asian countries.

“There is some optimism in the market now, and in the coming days we are expecting prices to be supportive,” stated a producer from Kolkata.

Domestic Silico Manganese Prices Unchanged

Domestic Silico Manganese market is steady on better trading activity. SteelMint assessed grade 60-14 is currently being offered at around INR 46,000/MT (ex-Raipur) and INR 47,000 /MT (ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 44,000/MT (Ex-Champa). The Silico manganese market is waiting for some kind of direction as most market participant believe that prices for Silico manganese in May would remain close to the present level.

SteelMint Data

Exchange Rate : USD 1 = INR 63