The recent rally in Steel prices has instilled a sense of optimism in the Silico Manganese producers. Most suppliers have raised offers against relatively tight supply.
“Trading activity has been a rise on account of strong steel fundamentals. Demand for Silico Manganese also followed suit, and higher prices are getting accepted owing to the same,” said a producer source.
SteelMint assessed Silico Manganese 60-14 grade offers at INR 67,000/MT (Ex-Durgapur) and INR 66,000/MT (Ex-Raipur).
The export market reported no further gain in prices, although market sources reported of healthy overseas demand especially from Europe, Middle-East and Far-East Asian countries.
Export offers are assessed to be stable at USD 1050/MT FOB India for 60-14 grade and USD 1160/MT FOB India for 65-16 grade.
On the future outlook, shortage of Silico Manganese in the domestic market continues to prevail, although market participants highlighted demand at these levels have stabilized and believed a near-term uptick was unlikely.
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