As the demand remains sluggish in local market and there is no positive sign for the market recovery, it is anticpated that Indian ferromanganese price is hard to rebound in the near term.
An Indian producer with an average output of 1,100tpm of high carbon ferromanganese 70% reported that they quoted the material at INR50,000/t (USD1,095/t) ex works on Wednesday, which has not changed for one month, while the transaction was quite slow recently. The source closed a deal early this week at INR49,000/t (USD1,073/t) ex works for cash, and expressed it is unprofitable to sell at this price.
“As the demand is soft, our stocks go high, therefore we have to sacrifice the marginal profit to close the deal,†said the source.
Another Indian producer reported that they offered high carbon ferromanganese 70% at INR50,000-51,000/t (USD1,095-1,117/t) ex works on Wednesday, on a par against that of last week, but the trading was thin in recent weeks. The source expressed that the demand from the traders is quite weak as they just watch the market at this time.
“I am confident that the market will show some positive movement in September when the end-users run out of their stocks,†said the source.
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