Indian silico manganese producers have maintained their offer levels, whereas, Finish Steel prices witnessed a sharp dip.
Silico Manganese prices unchanged from last week as buyers and sellers reported limited activity and a resistance from sellers to lower prices. The current offers for silico manganese 60-14 is around INR 65,000/MT for Ex-Durgapur and Ex-Raipur.
The import cost of manganese ore and met coke have gone up substantially, resulting in a sharp increase in the input cost of silico manganese. Hence, Indian producers have had to keep their offers firm to maintain their operating margins. Moreover, there is a scarcity of Manganese Ore in India, which is limiting the production of Silico Manganese and lending further support to firm offers.
In the export market, Indian producers have kept offer firm in line with the Indian Rupee stabilizing, and with high cost of production as the Manganese Ore which was booked at a much higher rate.
Indian producers have decided to keep the export price of Silico Manganese rigid in the export market due to the positive movement of the Rupee value. Silico Manganese 60-14 being offered at around USD 930 /MT FOB East-Coast India, and Silico Manganese 65-16 is being offered at around USD 1050 /MT FOB East-coast India
SteelMint further assessed that silico manganese prices are unlikely to rise in the near future with the underlying weakness in the Indian steel market.
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