Indian Silico Manganese prices surged on constant high demand owing to strong steel market globally.
Sell-side participants were observed to be bullish in view of increasing number of inquiries from overseas market alongside stable domestic demand.
“We have been unable to cope with increasing supply orders due to power restrictions from DVC in Durgapur, which has limited our output capacity,” said a producer source from Kolkata.
Domestic Silico Manganese offers have been assessed at INR 66,000/MT (Ex-Raipur) and INR 68,500/MT (Ex-Durgapur).
Seaborne demand has been highly influencing the prices and with Europe joining the buyer’s list as supply from Ukraine is constrained, soared prices are expected to find acceptance.
SteelMint assessed export offers at USD 1070/MT for 60-14 grade and USD 1180/MT for 65-15 grade.
On the future outlook, prices are expected to remain firm considering a robust demand for the Alloy.
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