Silico Manganese market remained at same level as last week. Market sources reported of moderate end-user demand.
Prices of Silico Manganese remained unchanged in the domestic market as there was relatively stable demand. 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).
[su_quote]“I believe the market will better only after mid-April, till then I feel prices to remain at this level,” remarked a producer based in Raipur.[/su_quote]
Export Market
In the export market, prices for Silico Manganese remain steady, though demand was visibly good. Silico Manganese 60-14 is being offered at USD 910/MT FoB East Coast of India and Silico Manganese 65-16 is being offered at USD 1,030/MT FoB East Coast of India. Indian producers are under pressure as INR has appreciated but export prices have not risen.
Market sources cited that Silico Manganese market to remain stable. Prices are likely to rise after mid-April. SteelMint assessed, prices for Silico Manganese may rise as demand is expected to remain firm.
Exchange Rate: USD 1= INR 59.66
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