Silico Manganese prices saw an uptick this week as the year comes to an end. Market sources reported of better demand.

In the domestic market, demand for Silico Manganese gained upward momentum. Current prices of Silico Manganese are at INR 53,500 /MT (Ex-Raipur), INR 55,000 /MT (Ex-Vizag) and INR 54,000/MT (Ex-Durgapur).According to sources Prakash Industries is currently offering Silico Manganese at INR 53,000 /MT (Ex-Champa), up by INR 1,000 /MT from last week prices. A distributor reported to SteelMint that TATA’s branded Silico Manganese 50-12 Silicomag is being offered at INR 43,500 /MT FOR West Bengal. He further revealed that there has been a sudden upsurge in demand.

[su_note note_color=”#dcdbd0″ text_color=”#040101″]Few producers of Silico Manganese are of the view that even if the Steelmakers may not immediately embrace the raised prices, but it will eventually gain acceptance.[/su_note]

Export Market

In the export market, there is lull in bookings and prices are stable because of Christmas and New Year holidays. Silico Manganese 60-14 is being offered at USD 880 /MT FoB East-coast India, 65-15 is being offered at USD 990 /MT FoB East-coast India, and 65-16 is being offered at USD 1010 /MT FoB East-coast India.

[su_quote]A trade source from India said, “The market is quiet and it is not expected to see any pick until the New Year.”[/su_quote]

SteelMint assessed that general market sentiment has improved, with most buyers and sellers anticipating higher prices in January as Ingot prices which is the best indicator for Silico Manganese, have also increased nationwide.

Exchange Rate: USD 1= INR 62.04