Ferro Manganese offers drifts further downward as demand slumps owing to weak steel fundamentals.
“We are finding it tough to conclude deals as demand remains low and buyers are quiet,” said a producer source justifying the fall in offers. Moreover, he also mentioned that buyers in Durgapur with a blast furnace of small capacity are only procuring up to their requirement in small amounts.
The offers for Ferro Manganese is assessed at INR 70,000/MT both (Ex-Durgapur) and (Ex-Raipur). However, SteelMint learned from a source that a deal of about 1,000 MT has been concluded at a lower price.
A Raipur based source mentioned that most of the producers in the region are already booked out. However, he also revealed that buyers are not accepting anything higher than INR 70,000-70,500/MT.
“There has not been much demand from overseas and recently inquiries from Iran also stopped,” said another source expressing concern. “Europe generally sets the benchmark but they have fulfilled their requirement before festive season and we don’t expect heir return anytime soon,” he added.
Export offers for Ferro Manganese have been assessed at USD 1,075/MT FOB India for 70% grade and USD 1,125/MT FOB India for 75% grade.
In view of the present scenario, Ferro Manganese offers are expected to drift further downwards with deteriorating demand unless the steel market picks up.
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