High Carbon Ferro Manganese prices are unchanged, with reports of increasing supply dampening expectations of further price rise.
HC Ferro Manganese prices were unchanged on constant demand from buyers. In Raipur, Ferro Manganese is being traded at around INR 56,500 (70% Mn) and INR 61,000/MT (75% Mn). Currently in Durgapur, prices for Ferro Manganese are at around INR 57,500- 58,000/MT (70% Mn). Market participants reported of good demand but there was excess material available in the market for which prices are stable in Raipur. The Ferro Manganese market in Durgapur is strong as there is good demand from steel mills that have run down on inventories.
[su_quote]A Raipur based trader remarked, “Demand is good in the market but production unit for Ferro Manganese has increased. For this, prices have corrected marginally.”[/su_quote]
Export Market
Similarly, the export market saw no changes in terms of prices. Export offers for HC Ferro Manganese 70% min is around USD 940/MT FoB India (East Coast) and 75% min is being offered at around USD 1,030/MT FoB India. Indian producers reported that the export market was dull with very less demand. It is expected demand in the export market to remain tepid as sellers are not increasing offers to entice buying interest.
[su_quote]“The export market is capped by lean demand from international buyers. Last week trading has not been overall eventful,” stated a trader from India.[/su_quote]
Market watchers are bearish over the outlook for the next few weeks. SteelMint assessed that price for HC Ferro Manganese to remain static at this level as production of the material has increased.
Exchange Rate: USD 1= INR 60.29
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