Indian Silico Manganese Prices Rise

Silico manganese prices edged higher this week on high power traffic, although demand remained at the same level.

Chhattisgarh State Electricity Board (CSEB) has increased power tariff by 16-20% for state based steelmakers’ w.e.f 1 June’15. Since power tariff has increased silico manganese producers have raised their offer levels. Currently grade 60/14 is being offered at INR 48,000/MT (Ex-Raipur). Demand for silico manganese continues to be low tracking the poor steel market.

A Raipur based producer stated, “Although silico manganese prices are stronger than before, that fact is that demand for the material is low, which means there will be a limit to increase.”

In Durgapur silico manganese prices have marginally increased and now the material is being offered at INR 48,000/MT.

Export Prices remained unchanged W-o-W

Indian-origin silico manganese demand in the export market remains moderate as prices held firm W-o-W. Silico manganese 60-14 grade is being offered at around USD 730/MT FoB East Coast of India and 65-15 grade offered at around USD 810 /MT FoB East Coast of India.

SteelMint assessed that demand was not strong enough to support any price increases. Most market participants believe that prices would remain at these levels over the next few weeks.

Exchange Rate : USD 1 = INR 63.5