Prices for High Carbon Ferro Manganese were steady this week as offers from sellers remain supported by supply tightness in the domestic market.

High Carbon Ferro Manganese prices have been relatively stable, which most sources attribute to shortage of material and low demand in the domestic spot market. Current prices of HC Ferro Manganese in Raipur is settled around INR 57,500- 58,000(70% Mn) and INR 61,000- 61,500 (75% Mn). In Durgapur, HC Ferro Manganese is being offered in the range of INR 55,500- 56,000(70% Mn). In Raipur presently there is no domestic demand apart from the existing contracts which manufactures are gearing up to accomplish and major traders are currently facing a supply crunch.

[su_quote]A manufacturer from Raipur stated, “Ferro Manganese prices will remain at these levels for the next two to three months as producers are not under any selling pressure and will not have much material to offer after fulfilling our contractual agreement with SAIL.”[/su_quote]

Export Market

In the overseas market demand for Indian origin HC Ferro Manganese remained sluggish as most buyers opted to stay on the sidelines. 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 at around USD 960 /MT, FoB India (East-Coast).

[su_quote]“The export market could eventually pick up, but definitely not until the next month,” reported an Indian-based trader. [/su_quote]

Market sources reported to SteelMint that there will be not much change in prices in the near-term with supply being constant and demand will be sparse.

Exchange Rate: USD 1= INR 61.44