India's Silico Manganese Export Offers Rise over Appreciated Rupee

In the export market, Indian producers have raised offer levels in line with strengthening of the Rupee and with high cost of production as the Manganese Ore which was booked earlier at a much higher exchange rate have reached India just recently.

Silico Manganese 60-14 is being offered at USD 950 /MT FOB India, and Silico Manganese 65-16 is being offered at USD 1040 /MT FOB India. SteelMint assessed that the current prices are too high, and seems unacceptable to most buyers. Although, little change is expected in the demand and supply fundamentals, Indian producers are unlikely to drop their offers to generate greater buying interest.

A deal was heard to be concluded by a major Indian Silico Manganese producer for 750 MT to Turkey at USD 950/MT FOB Vizag for 60-14 grade.

SteelMint learned from sources that trading activity was scant in the domestic market as buyers steered clear of any transaction - awaiting clearer market direction. In the domestic market Indian producers of Silico Manganese have been forced to cut their offers to conclude desired sales. Silico Manganese 60-14 is being offered at INR 67,500 /MT (Ex-Raipur) and at INR 68,000 /MT (Ex-Durgapur).

SteelMint assessed that as Steels fundamentals have shown no sign of improvement, end-user demand for Silico Manganese will continue to be capped.