Indian Ferro Manganese offers witness a drop amid limited demand coupled with the Rupee depreciating and lowering global Manganese Ore prices.
Demand remains limited for the commodity and Ferro Manganese prices are affected by the falling imported ore offers in the global market.
“Despite strong steel fundamentals in India, demand for Ferro Manganese has failed to rebound,” said a source expressing his concern for its falling prices.
SteelMint learned from a source that the sluggish export market has affected the domestic prices as well, as Ferro Manganese producers are mostly depending on export sales or few major Indian buyers like SAIL.
Domestic offers for Ferro Manganese has been assessed at INR 78,000/MT (Ex-Durgapur) and (Ex-Raipur).
Demand from overseas market also remains low but constant as regular inquiries are received from Iran and some other Middle-Eastern countries while the same from Europe has been disappointing of late.
The Rupee depreciating has prompted the exporters to lower their offers in order to garner greater buying interest from the overseas market.
Export offers are assessed at USD 1250/MT FOB India for 75% grade and USD 1175/MT FOB India for 70% grade.
On the future outlook, Ferro Manganese offers are expected to follow Manganese Ore prices as Ferro Manganese producers hope demand rebounds.
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