Indian Ferro Manganese prices corrected downwards on lackluster demand coupled with MOIL’s prices going down.
With a 15% price decrease in various grades of ore, Ferro Manganese producers have been compelled to reduce their offers.
Earlier, Ferro Manganese producers had raised their offers prompted by strong steel market but have now been forced to lower the same as trading activity started becoming dull.
“The offers for Ferro Manganese were brought down as exports offer failed to fetch desired sales volume as per expectation,” said a producer source justifying the reason for lowering the prices.
While, another source commented that demand in domestic market remains moderate and there are a limited number of producers of Ferro Manganese, thus selling pressure is not much.
SteelMint assessed Ferro Manganese offers at INR 73,000 MT (Ex-Raipur) and (Ex-Durgapur).
Export offers were assessed to be unchanged W-o-W at USD 1075/MT FOB India for 70% grade and USD 1150/MT FOB India for 75% grade.
On the future outlook, market participants expect Ferro Manganese offers to maintain stability until demand for the same gains ground.
Leave a Reply