India: Tight supply continues to drive up SiMn

摘要

Silico-manganese prices rose further today as steady demand from both domestic and overseas buyers comes up against tight availability. Ferro-manganese prices rose amid a combination of limited supply, higher ore costs and steady demand from steel mills. Prices were unchanged today at Rs102,000-105,000/t exworks, with ore costs higher but offset by lower demand from China and limited spot bookings from domestic mills. Market participants see potential for prices to slip in the near-term owing to a downturn in Chinese alloy prices. If Indian offers to China drop, sellers might redirect more material toward the domestic market, putting pressure on the local market where demand remains subdued for the time being.