Silico manganese prices rise amid some upward demand. Market participants await further clarity on whether this uptick could be sustained.
Silico manganese prices have increased this week as sources reported of pickup in demand. Grade 60-14 deals are being concluded at around INR 40,000/MT for both Raipur and Durgapur. According to sources, Prakash Industries is offering Silico Manganese at INR 39,000 /MT (Ex-Champa, Chhattisgarh).
A producer from Raipur stated, “The mood is now better in the market and we have executed decent quantities, so we have increased prices this week. But we are still uncertain whether this trend would continue.”
SteelMint assessed that increase in production levels could offset the price rise. Although, it’s a positive sign that the market is accepting higher prices, after months of falling prices.
Indian Silico Manganese Export Prices Static after New Year Holidays
Exports of silico manganese remained weak after the New Year holidays, but prices remained stable.
Silico Manganese Export market is weak with an expected downtrend in demand from overseas players. Grade 60-14 is being offered at USD 620/MT FOB East-coast India, and grade 65-16 is being offered at USD 680/MT FOB East-coast India.
“There is a poor outlook for the export market for beginning of the year. The market is stopped now. No deals concluded”, stated a producer based in Kolkata.
Market sources expect the Silico manganese market to remain stable in January, and are waiting to see what direction the market takes as demand for Silico Manganese has picked up.
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