Indian Ferro Manganese prices move upwards as demand for the commodity improves on strong steel fundamentals.
“Earlier, the buyers were cautious and were holding their purchases but an improving steel market restored their confidence in the alloy,” said a producer source justifying the rise in Ferro Manganese prices.
A positive sentiment has been observed in the market as the price of the commodity ticked upwards despite declining Manganese Ore prices in global market.
SteelMint assessed Ferro Manganese offers at INR 74,000/MT (Ex-Durgapur) and (Ex-Raipur).
“The demand from overseas have also rebounded,” said a producer source expressing his satisfaction. The European market had started making inquiries which had been absent for so long, and demand is also coming in from middle-east and far-east, he added.
Export offers are assessed at USD 1150/MT FOB India for 75% grade and USD 1070/MT FOB India for 70% grade.
On the future outlook, the market participants expect the Ferro Manganese prices to maintain stability while hope the same to move up.
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