High Carbon Ferro Manganese market appeared supported by stable buying interest from end-users. With improving Indian Rupee against USD, chances of prices going up are limited.

Indian High Carbon Ferro Manganese prices remain unmoved W-o-W. Domestic demand for Ferro Manganese is currently steady in the market. Current prices of High Carbon (HC) Ferro Manganese in Raipur are balanced at INR 55,000 (70% Mn) and INR 60,000 (75% Mn). In Durgapur, HC Ferro Manganese is being offered at INR 56,000 High Carbon Ferro Manganese (70% Mn).

A producer source from Raipur remarked “Demand for Ferro Manganese has been good this week but no positive sentiment exists for increasing prices domestically”.

Export Market

Indian Origin High Carbon Ferro Manganese demand in the export market remains weak. Indian producers are unwilling to lower their offers as the Rupee has appreciated, however. 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).

Market watchers believe that prices of Ferro Manganese would remain at these levels over the next few weeks as the Rupee value has increased. There is a re-emergence of buying activity but this may not render any significant support to spot prices.

Exchange Rate: USD 1= INR 61.67