India: Silico Manganese Producers Raise Offers Amid Improved Demand
Indian Silico Manganese prices have escalated by 5% since last Monday in Raipur. Meanwhile, in Durgapur, prices remained stable with a marginal increase as compared to Raipur. The producers are affirmative and are increasing their production levels, which were discontinued in the past few months due to the lower margins in the Silico Manganese trade.
A Raipur based Manganese alloy manufacturer stated that the prices of the raw materials have gone up and the supply is still lower than the demand in the market. However, with producers starting their production at full capacity, the supply situation may reverse soon, he added.
Meanwhile, in Durgapur, the prices have been relatively higher and the producers are facing problems in procuring Manganese ore. It is heard that a few Ferro Chrome producers may shift to Silico Manganese production, but this may take a while, as they would require sufficient manganese ore stocks. Meanwhile, at Chinese ports, the prices of Manganese ore is rising amid improved sentiments.
Silico Manganese prices in the fourth week of December went up to INR 61,000-61,500/MT in Durgapur. Meanwhile, in Raipur, it is also at around 61,000-61,500/MT. Amidst the improved sentiments, producers have started quoting at INR 62,000/MT Ex-Raipur. In the export market, the prices increased further by USD10-30/MT W-o-W, opening the week at USD 830/MT for 60-14 grade and USD 910/MT for 65-16. There is an increase in demand mainly from the South-East Asian market.
On the future outlook, the prices may not escalate at an exponential rate now, as with the increased production price rise could be put in check. Producers are also worried that in a few weeks, the market may again see oversupply, however, they are taking comfort in the increased prices for now.
source: SteelMint
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