Silicon manganese prices ticks slightly higher on renewed buying interest from end-users. Grade 60-14 is being offered at around INR 57,500 MT (Ex-Raipur) and INR 58,000/MT (Ex-Durgapur). According to sources, Prakash Industries is offering Silico Manganese at INR 56,000 /MT (Ex-Champa, Chhattisgarh). The domestic market saw a slight uptrend as there was steady demand in the week gone by.

Export Market

Demand for Indian-origin Silico Manganese remains weak in the export market. Grade 60-14 is currently being offered at around USD 930/MT FoB East-coast India, 65-15 is being offered at USD 1,020/MT FoB East-coast India and 65-16 is being offered at USD 1,030/MT FoB East-coast India, unchanged W-o-W.

“The export market is gloomy and I expect prices to remain at this level for months”, remarked a Kolkata based producer.

On the future trend, most market participants believe there is negligible possibility of any price-cut because of strengthening demand for Finish Steel in the domestic market.

Exchange Rate: USD 1= INR 61.10

• [Editor:Sophie]