Indian Ferro Manganese has witnessed a persistent lack of demand; hence Indian Ferro Manganese producers have decided to lower the offer price.
There has been a constant deterioration in demand of Ferro Manganese and uncertainty has been observed within the buyers as bearish sentiment runs through the market.
“Though we have lowered our offers, still buyers are reluctant to make their purchase,” said a producer source referring to the current predicament of the producers in concluding deals. He mentioned to have quoted for the commodity at INR 73,000/MT, but buyers are not willing to pay more than INR 72,000/MT.
Plagued with limited demand, the manganese alloy offers are finding it difficult sustain despite elevated Manganese Ore prices.
SteelMint assessed the Ferro Manganese offers at INR 72,500/MT (Ex-Durgapur) and (Ex-Raipur).
The export prices remain unchanged as there has been limited inquiry for Indian Ferro Manganese from overseas and the stronger INR against the USD gives Indian producers limited scope of price correction. “European market has been a disappointment as demand from the region is negligible, while inquiries from Iran has somehow been able to support our offers,” said a producer source.
Export offers are assessed at USD 1125/MT FOB India for 70% grade and USD 1200/MT FOB India for 75% grade.
On the future outlook, Ferro Manganese prices are expected to be under constant pressure due to constant low demand.
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