Indian Ferro Manganese prices witnessed a slight uptick as sellers gain confidence on rising overseas inquiries.
There has been a bullish sentiment among Ferro Manganese producers on strong steel fundamental in the domestic market coupled with rising overseas demand as Indian offers are competitive at the moment.
“Ferro Manganese prices have found support on healthy trading activity from both domestic and overseas market,” said a producer source while stating that the deals are being concluded at elevated levels. Despite a decline in ore prices, the commodity has been performing well, he added further.
SteelMint assessed Ferro Manganese offers at INR 74,000/MT (Ex-Raipur) and INR 74,000-75,000/MT (Ex-Durgapur).
SteelMint learned that rising inquiries from the overseas have been the key influencer of the Ferro Manganese prices in India as well. There have been constant inquiries from Middle-East as well as other Asian countries and a weaker Rupee has encouraged exporters to keep prices stable and higher volumes while deciding against increasing export offers.
Export offers of Ferro Manganese are assessed at USD 1075/MT for 70% grade and USD 1150/MT for 75% grade.
On the future outlook, market participants expect Ferro Manganese prices to maintain stability while any slight movement cannot be ruled out.
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