Silico Manganese prices have found support at current levels, showing very little indication of change. Market sources reported of stable market conditions.
Currently, Silico Manganese (grade 60-14) offered at around INR 55,000/MT (Ex-Raipur), INR 55,500/MT (Ex-Vizag) and INR 56,000/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 54,000/MT (Ex-Champa). In Durgapur, shortage of material continues in the market as many plants were diverting into other production unit.
[su_quote]A Raipur based producer remarked, “The Silico Manganese market is boosted by strong demand from Ingot manufacturers, some of whom were trying harder to procure before the market witnesses any further uptick.”[/su_quote]
Export Market
Indian-origin Silico Manganese demand in the export market was visibly low this week. 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. There is limited possibility of an increase in export offers by Indian producers as buying interest would likely shrink further.
[su_quote]“The international buyers seem to be waiting on the sidelines to ascertain a better idea of market direction before they decide whether they want to purchase,” stated a producer from Kolkata.[/su_quote]
Market participants are predicting that there will be no changes in the prices for the month of April. SteelMint assessed that as Ingot prices have soared in the week gone by; Ingot production in the country is also high. As a result, demand for Silico Manganese is expected to be firm.
Exchange Rate: USD 1= INR 60.17
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