Indian Ferro Manganese producers raised their offers owing to hike in Manganese Ore prices by MOIL.
A recent hike of 12.5% in Manganese Ore prices by MOIL has prompted the Ferro Manganese producers to raise their offers.
Ferro Manganese still lacks its grip on Indian market as producers consider the demand for the commodity to be weak.
“A weaker steel market in India has slackened the demand for manganese alloys,” said a source. However, a rise in prices of raw materials has lent support to the commodity’s prices, he added further.
SteelMint assessed Ferro Manganese prices in a range of INR 80,000-81,000/MT (Ex-Raipur and (Ex-Durgapur).
However, the overseas market is observed to be active as producers claim to have received inquiries from some of the Asian countries.
“Demand from the seaborne market has revived,” said a producer source. He added that the Indian market has been of disappointment to him.
Export offers are assessed at USD 1,200/MT Fob India for 70% grade and 1,270/MT FOB India for 75% grade.
On the future prospect, Ferro Manganese market is expected to remain flat on the backdrop of weak steel fundamentals.
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