High Carbon Ferro Manganese prices were down slightly as less buying was seen. Reportedly, production of the material has increased in the market.
In the domestic market, HC Ferro Manganese prices saw a downtrend on soft buying. In Raipur, Ferro Manganese is being traded at around INR 57,000 (70%Mn) and INR 61,500/MT (75%Mn). Currently in Durgapur, prices for Ferro Manganese stand at INR 57,500/MT (70% Mn). HC Ferro Manganese market has held firm since the last 2-month. With good prices achievable for Ferro Manganese in the Indian market, quite a few producers of Silico Manganese in Chhattisgarh have opted to channel their production towards producing Ferro Manganese. This however, depends upon high-grade ore being available, as it is used in making Ferro Manganese.
[su_quote]“There was decent rise in prices, but this week the market is not so optimistic,” remarked a producer from Raipur.[/su_quote]
Export Market
The export prices for HC Ferro Manganese were unchanged on resilient demand from international buyers. Export offers for HC Ferro Manganese 70% min is around USD 925/MT FoB India (East Coast) and 75% min is being offered at around USD 1,010/MT FoB India. Indian producers reported of extreme pressure in the export market as the Indian rupee has strengthened.
[su_quote]A producer from India stated, “Though, INR has appreciated, we cannot raise our offers as we may lose out on sales.”[/su_quote]
On the future outlook, it is to be seen what direction the market takes as demand has decreased for Indian HC Ferro Manganese and production of the material is increasing day by day.
Exchange rate: USD 1= INR 59.94
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