Ferro Manganese offers witness an upswing as producers are of a bullish view on upward trending ferroalloy market.
“Demand remains moderate for the commodity but rising ferroalloy prices encouraged Ferro Manganese producers to raise their offers as well,” said a source referring to the upward correction of Ferro Manganese offers.
Another source mentioned that the production level of Ferro Manganese has also been quite low creating a supply constraint. He also focused on improved and stabilized Manganese ore offers, as a justification for increased Ferro Manganese offers.
SteelMint assessed Ferro Manganese offers at INR 73,000/MT (Ex-Raipur) and INR 72,000-73,000/MT (Ex-Durgapur). However, a source mentioned that there is no definite pricing of the commodity in the market as most of the producers are quoting higher out of optimism.
A similar trend has also been observed in overseas market where the export offers have moved up at USD 1175/MT FOB India for 70% grade and USD 1200/MT FOB India for 75% grade.
On the future outlook, the prices are expected to maintain stability on the backdrop of limited production coupled with improving manganese ore offers.
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