High Carbon Ferro Manganese market remains strong on resilient demand as market participants witnessing some supply tightness because of the prevailing bulk orders.

HC Ferro Manganese prices remained static in Raipur, as most producers are fulfilling the existing contracts. Current prices of HC Ferro Manganese in Raipur are settled around INR 57,500- 58,000/MT (70% Mn) and INR 62,000- 62,500/MT (75% Mn). In Durgapur, domestic price for HC Ferro Manganese rises as producers witnessed better demands from buyers – from India and abroad. One market source also revealed that they have received an enquiry for HC Ferro Manganese (grade 75-76% Mn) of quantity 500 MT from abroad. Currently in Durgapur, prices for Ferro Manganese is at INR 58,000/MT (70% Mn), up by INR 2,000/MT from last week prices.

[su_quote]A Raipur based trader stated, “HC Ferro Manganese market is faring well and most producers in Raipur are packed up with bulk orders for the next 3-4 months. We are seeing an increase in domestic demand as well now that domestic prices are starting to firm up and remain more stable.”[/su_quote]

Export Market

In the Export market prices for Indian-origin High Carbon Ferro Manganese inch up as international buyers return to the market. Export offers for HC Ferro Manganese 70% min. is around USD 925/MT FoB India (East Coast), and HC Ferro Manganese 75% min. is being offered at around USD 1,000-1,010/MT, FoB India (East Coast). Indian producers raise their offers as there is healthy demand in the domestic market, along with strong demand from countries like Indonesia, Iran, Korea and European Union.

[su_quote]“We have seen sharp rise inquiries in the past few days and so the prices have risen in the export market on higher activity”, remarked an Indian producer.[/su_quote]

Market sources reported of guarded optimism in the export market – with some seeing opportunities in Europe. But with others showing concern in Asia owing to the weakened Asian currencies against the dollar. SteelMint assessed that HC Ferro Manganese market is likely to remain strong with improvement in demand for the material.

Exchange Rate: UDS 1= INR 62.68