Ferro Manganese market seems bearish with trade volumes continuously shrinking.
“Demand for Ferro Manganese has been persistently low amid tepid Manganese alloy market despite an increase in Manganese ore prices,” said a source discussing the downward movement of prices.
Another source revealed that prices sometimes fluctuate on expectation and reality differences. He mentioned that sellers seldom decrease their offers when the inquiries received is lower than the anticipated.
A dull market for the commodity pulled down its price to INR 74,000/MT (Ex-Durgapur) and (Ex-Raipur).
Export offers also witnessed a downtrend despite the producers receiving inquiries from Europe recently. SteelMint assessed the export offers at USD 1125/MT FOB India for 70% grade and USD 1200/MT FOB India for 75% grade.
“The fluctuation in prices are as per market mechanism,” said a producer, when asked about enticing buyers by lowering offers.
On the future outlook, the market participants expect the Ferro Manganese offers to maintain stability until demand from Europe gain grounds.
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