Ferro Manganese prices fall as offers softened and fewer deals were done in what sources called a softer market from last week
The mainstream offer price for HC Ferro Manganese in Raipur stands at Rs 52,000/MT (70% Mn) and Rs 55,500/MT (75% Mn). In Durgapur, HC Ferro Manganese is being trading at Rs 53,000/MT (70% Mn) and Rs 56,000 (75% Mn). Prices mentioned are Basic.
Market participants reported of a very slow domestic market resulting in producers of Ferro Manganese to cut-down production levels. A senior official from one of the largest manufacturers of HC Ferro Manganese in India revealed to SteelMint, “The market for Ferro Manganese is going through a period of sustained downtrend, so we have shut our Durgapur plant and prefer to stay on the sidelines.”
SteelMint learned that many producers without captive power have reduced or stopped production due to high input cost and low prices in the market.
Export Market
Overseas demand for Indian origin HC Ferro Manganese is low, and Indian suppliers aided by the weak Rupee have further reduced their offers to consummate trade.
Export offers for HC Ferro Manganese 70% min. stand at USD 890/MT FOB India (East-coast), and HC Ferro Manganese 75% min. is being offered at USD 935/MT, FOB India (East-coast).
SteelMint assessed that producers and traders of HC Ferro Manganese in India are under pressure to liquidate stock, and prices in the domestic market could correct further in the coming week. There is a bearish sentiment in the market, and most market participants hold a wait-and-watch notion, which will further pull down prices.
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