India: Silico Manganese Prices edges up by INR 1000/MT

Silico Manganese prices uptick owing improvements in demand and rising steel prices.

Market sources are of the view that Silico Manganese prices in the domestic market may experience a marginal hike owing to the improved steel demand before stabilizing in the near future.

Prices in the third week of Feb'19 in the domestic market are at around INR 68,000/MT and INR 67,500/MT for Ex-Durgapur and Ex-Raipur respectively. Prices in Durgapur as well as Raipur witnessed a significant hike of INR 1000/MT. In the export market, producers have increased their offers prices and 60-14 grade is offered at USD 940/MT FOB India and grade 65-16 at USD 1040/MT.

SteelMint learned that the demand is rising after a long decadency period and the producers were uptight for a long period of time. With the opening of Chinese Market the demand has improved and the market is stabilized. Trading activities are still expected to go up as many major players are still quiet in the market.

On the future outlook, it is possible as the demand perpetuates, the prices may increase further.