Silico Manganese prices remained stable on stronger end-user demand. Market participants were optimistic about the near-term market.
Silico Manganese domestic market saw an uptrend on steady offers from the past week. Currently, Silico Manganese (grade 60-14) offered at around INR 55,000/MT (Ex-Raipur), INR 55,500/MT (Ex-Vizag) and INR 55,000-55,500/MT (Ex-Durgapur). According to sources, Prakash Industries is currently offering Silico Manganese at INR 54,000/MT (Ex-Champa), up by INR 1,000/MT from last week prices. Currently in the West Bengal market, there is shortage of supply from Tata. Although, offers from other producers in Durgapur have marginally come down as there is cash flow crisis due to the financial year-end.
[su_quote]“The market is quite good now as there is an upsurge in demand. We are also filled with bookings till April,” stated a producer source from Raipur.[/su_quote]
Export Market
Demand for Indian-origin Silico Manganese was high in the export market. Prices remain firm on persistent strong demand from international buyers. Silico Manganese 60-14 is being offered at USD 920/MT FoB East Coast of India and Silico Manganese 65-16 is being offered at USD 1,030/MT FoB East Coast of India. Indian producers reported, prices to remain at this level as further price hike is not expected. There is no or limited demand from Chinese buyers currently, once the demand from China increases prices are expected to rise. There is visibly good demand from Japan, Middle-East & European countries.
[su_quote]A Kolkata based producer remarked, “INR value has appreciated and for this Indian producers have hiked the prices in the export market.”[/su_quote]
On the future outlook, SteelMint learned from market sources that Silico Manganese prices may further go up as there is good demand from end users coupled with strengthening of the Indian Rupee.
Exchange Rate: USD 1= INR 60.67
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