Indian Silico Manganese prices reached higher on a raft of fresh deals
Indian silico manganese prices firmed for a third straight week, as a robust domestic steel market stimulated buying interest for silico manganese at higher levels. In Raipur, silico manganese 60-14 is currently being offered at around INR 58,000/MT (Ex-Raipur), an increase of INR 17,000/MT from a month ago, and offers stand at around INR 55,000/MT (Ex-Durgapur) for the same grade material. Most producer sources sighted higher imported ore prices as the main reason for silico manganese prices to shoot up.
The silico manganese supply situation is also tight and producers have low inventories of manganese ore, and the supply chain could be tight in the coming month as well. However, most buyers of silico manganese are procuring small quantities which is enough to run their steel mills, due to uncertainty in the price trend, while few are adopting a ‘wait-and-see’ attitude and waiting for the prices to stabalize.
The overseas demand is still quite weak and most producers are not offering in the export market, looking at the difference in the prevailing silico manganese prices in the international markets and the Indian domestic market.
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