Indian High Carbon Ferro Manganese prices stable but market participants report of a quiet market with few deals being concluded in the past week.
In the domestic market, demand for HC Ferro Manganese was low this week as steel mills prefer to use Silico Manganese instead. Ferro Manganese needs to be mixed with Ferro Silicon for the Silica properties, required in making steel. In Raipur, Ferro Manganese (70% Mn) is being traded at around INR 56,000-57,000/MT. Currently in Durgapur, Ferro Manganese (70% Mn) prices stand at around INR 57,500- 58,000/MT. Offers for higher grade material could not be confirmed, as currently there is no demand for it in the domestic market. Ferro Manganese production is coming down again as many Manganese Alloy smelters are shifting back to produce Silico Manganese, with good prices achievable in the market for Silico Manganese. Currently, there is high demand for Indian Silico Manganese.
[su_quote]“Ferro Manganese price is relatively stable in the market but buying is very low. I expect that fluctuations in prices will remain limited due to dull demand and firm offers by suppliers.” stated a producer source from Raipur.[/su_quote]
Export Market
In the overseas market, demand for Indian origin HC Ferro Manganese remained sluggish as most buyers opted to stay on the sidelines. Currently, the export market for HC Ferro Manganese remains dormant. 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 1,010/MT FoB India.
SteelMint assessed the buying interest to remain low, but prices to remain stable on account of production cut-down.
Exchange Rate: USD 1= INR 60
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