High Carbon Ferro Manganese prices moved higher as sources reported of bulk orders which need to be fulfilled in the coming three months.

Domestic prices of HC Ferro Manganese edge up as there was increase in demand from end-users. Current prices of High Carbon (HC) Ferro Manganese in Raipur are around INR 57,500- 58,000(70% Mn) and INR 61,000- 61,500 (75% Mn). In Durgapur, HC Ferro Manganese is being offered around INR 55,500- 56,000(70% Mn).

Market sources reported of bulk orders for almost 19,500 MT from companies like SAIL, and manufactures are gearing up to fulfill these contracts, hence , limited material will available in the open market, prompting manufactures to raise their offers. In Durgapur prices are competitive because traders and manufactures have been concentrating more on exports. Another factor to impact prices has been the declaration by MOIL to increase prices by 3% across all products for 4th Qtr (Jan-Mar)

[su_quote]A trader from Raipur remarked, “There is strong domestic demand which has resulted in supply tightness in the market and so there has been an upsurge in prices.”[/su_quote]

Export Market

Indian HC Ferro Manganese export offers held steady as buyers have just started to return to the market after the New Year holidays. . Export offers for HC Ferro Manganese 70% min. is 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). Indian traders reported there is stable demand from Gulf countries.

On the future outlook, SteelMint learned from market sources that prices are to remain at this level for the near-term with tight availability of the material.

 Exchange Rate: USD1=  INR 61.94