Indian High Carbon Ferro Manganese prices remained static in the market. Market participants reported of supply tightness prevailing in the market as demand remains high.

In the domestic market demand for HC Ferro Manganese remains high with limited supply. Current prices of HC Ferro Manganese in Raipur are firm at INR 58,000/MT (70% Mn) and INR 62,000/MT (75% Mn). Currently in Durgapur, prices for Ferro Manganese are at INR 58,000/MT (70% Mn). Shortage of material in the Indian market led to rigidity in price levels.

[su_quote]A Raipur based trader remarked, “The market is really very tight as there is shortage of supply for the material.”[/su_quote]

Export Market

In the export market, High carbon Ferro Manganese prices remain firm on healthy buying interest from end-users. 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 reported of stable demand from Indonesia, Iran, Korea and European Union.

[su_quote]“The market is not so bad at all. There is some improvement in the export market as well”, stated a trader from India.[/su_quote]

On the future outlook, market sources are predicting a price rise in the coming days as there is good demand along with a shortage of supply. SteelMint assessed that good buying activity will render significant support to spot prices.

Exchange Rate: USD 1= INR 62.40