Buying interest for High Carbon Ferro Manganese remained steady in the domestic market. The prices were mainly in line with market expectations, with most participants expecting a stable market.

Indian High Carbon Ferro Manganese prices remain unchanged for the second week. Domestic demand for Ferro Manganese is currently stable. Current prices of High Carbon (HC) Ferro Manganese in Raipur are balanced at INR 55,500 (70% Mn) and INR 60,000 (75% Mn). In Durgapur, HC Ferro Manganese is being offered at INR 56,500 High Carbon Ferro Manganese (70% Mn).

A producer source from Raipur reported “Ferro Manganese prices have been on firm for the last few weeks and the market seems to have stabilized. With relatively short supply of manganese ore in the domestic market will also support prices in coming time.

Export Market

Export market remains inactive as demand for Indian origin High Carbon Ferro Manganese remains low. Export offers for HC Ferro Manganese 70% min. is being offered around USD 880 /MT FoB India (East-Coast), and HC Ferro Manganese 75% min. is being offered around USD 960 /MT, FoB India (East-Coast). Ferro Manganese producers keep the export price firm in line with the stabilized Rupee.

SteelMint learned from market sources that Ferro Manganese market to remain stable as buyers maintained their wait-and-see positions due to a bearish steel market. Market condition may remain stable in the coming weeks and the slow activity may continue to restrict price movement.

Exchange Rate: USD 1= INR 61.41