Sell-side players remained firm on offer levels, anticipating a continued strengthening in steel markets.
The prices of Indian Silico Manganese had been down for a while amid weak demand. The over-supplied domestic market pushed down the Silico Manganese prices in the last couple of months.
However, sources revealed that the production in Durgapur had been curtailed due to weak prices of the Alloy and low availability of Ore. Also, quite a few Silico Manganese producers shifted their production to Ferro Manganese or Ferro Chrome.
The current offers for the Indian Silico Manganese grade 60-14 are INR 56,500/MT (Ex-Durgapur) and INR 55,500/MT (Ex-Raipur).
In the export market, Indian producers have raised offer levels in line with strengthening of the Rupee. Silico Manganese 60-14 is being offered at USD 830/MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 940/MT FOB East-coast India.
There is a bullish sentiment in the market with Silico Manganese prices rising in China. On the future outlook, higher prices achievable in the market due to increase in demand, and Manganese Ore available at a lesser price, it is expected that Silico Manganese production to rise, to balance demand and supply fundamentals.
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