High Carbon Ferro Manganese prices remain static in the domestic market. Market sources reported of resilient demand from participants.
In the domestic market, High Carbon Ferro Manganese prices saw no changes this week as there was visibly modest demand. 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). The domestic market was stable with financial year-end and market participants are hoping the market to get better only after mid-April.
[su_quote]“Certainly, everybody is looking for signs of an uptick as bulk orders are soon to be realized,” remarked a producer source from Raipur.[/su_quote]
Export Market
The export market for Ferro Manganese saw an upward momentum after the Indian Rupee appreciated. Export offers for HC Ferro Manganese 70% min is around USD 950/MT FoB India (East Coast) and 75% min is being offered at around USD 1,045/MT FoB India. Indian producers held the offers strong as there was good demand from international buyers. Secondly, with the just-ended Ferro Alloy conference in Hong-Kong, Indian producers are hoping a much better export market.
On the future outlook, SteelMint assessed that Ferro Manganese market to get better as SAIL is about to open another tender. With the export market strengthening it is expected that prices in the domestic will rise.
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