High Carbon Ferro Manganese prices were steady this week, as offers from sellers remained supported by strong demand and supply tightness in the domestic market.

In the domestic market, prices for HC Ferro Manganese remain static, although demand for the material has increased from last week. Current prices of HC Ferro Manganese in Raipur are settled around 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). Market sources reported of another bulk order for almost 23,000-24,000 MT from companies like SAIL which has resulted in shortage of the material in the open market.

[su_quote]Looking at the market condition, a Raipur based producer remarked, “With our current production output, we are just able to meet our domestic contractual agreements.”[/su_quote]

Export Market

In the export market, Indian-origin HC Ferro Manganese witnessed a surge in demand, though prices remained at the same level. 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. Market participants reported that the Ferro Manganese market is witnessing decent inquiries from international buyers, while prices are to remain firm in near future.

[su_quote]“The export market looks good as demand has picked up from Iran, Korea and European Union “, stated a trader from India.[/su_quote]

On the future outlook, market sources are predicting that demand for HC Ferro Manganese to rise and prices to remain firm at this level. SteelMint assessed that there is little or no possibility for HC Ferro Manganese prices to correct, supported by supply tightness and strong domestic and export demand.

Exchange Rate: USD 1= INR 62.19