Healthy demand for Silico Manganese from Asian countries encouraged the producers to keep their offers firm despite moderate demand from the domestic market.
“There have been rising inquiries from the Far-East, South-East and Middle-East Asian countries,” said a producer source expressing his contentment. Europe, on the other hand, has been preferring Ukrainian origin Silico Manganese over Indian, he added.
The overseas demand is mainly for 65-16 grade Silico Manganese and prices for the same has been climbing swiftly.
SteelMint assessed export offers for Silico Manganese to be firm for the 60-14 grade at USD 950/MT FOB India while for 65-16 grade it rose to USD 1080/MT FOB India.
“Very few players are producing 65-16 grade in Durgapur while, in Vizag, the number of producers is higher for the aforesaid grade which has created competition,” said another source justifying the difference between export offers from two different ports.
Silico Manganese prices in domestic market remains firm at INR 62,500/MT (Ex-Durgapur) and (Ex-Raipur) amid modest demand.
However, a rise in Manganese Ore prices coupled with strong steel fundamentals in India could lend support to the Silico Manganese prices, resulting in an upward correction in the near-term.
“Indian market has been mirroring the Chinese market and prices for Silico Manganese in the later has improved,” said a source hinting a rise in commodity’s prices.
On the future outlook, market participants are optimistic about the Silico Manganese market as rising ore prices and improving overseas inquiries has created a bullish sentiment.
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