Ferro Manganese prices rise in line with Silico Manganese prices shooting up coupled with demand from end-users that have run down inventories lent support.
Rates of High Carbon Ferro Manganese triggered up this week as the market saw a rise in demand. In Raipur, Ferro Manganese (70% Mn) is being traded in the range of INR 57,000-58,000/MT. Currently in Durgapur, Ferro Manganese (70% Mn) offer prices are at around INR 58,000/MT. For three consecutive weeks Silico Manganese prices have risen sharply. Looking at the bullish Silico Manganese market, Ferro Manganese producers have also increased their offers. Many Manganese Alloy smelters have converted to produce Silico Manganese, as they can achieve good prices in the market doing so. In addition, there is a production cut; the Ferro Manganese market is facing a shortage in supply.
[su_quote]A Raipur based producer remarked, “The Ferro Manganese market will remain firm in the coming weeks, and prices will remain stable. I cannot see that there will be large change in fundamentals until late Q2.”[/su_quote]
Export Market
In the export market, Indian producers have raised offer levels in line with strengthening of INR. Currently the export market for HC Ferro Manganese remains dormant. Export offers for for HC Ferro Manganese 70% min. is around USD 970/MT FoB India (East Coast) and 75% min. is being offered in the range of USD 1,020-1,030/MT FoB India. However, overseas demand for Indian origin HC Ferro Manganese is low at the price levels offered by the producers, with little or no deals concluded from the past week.
[su_quote]“With the dollar rate fluctuating we have increased our offers in the export market, but yet our offers are not acknowledged by the international buyers. We are hoping that soon these prices will be accepted in the market, “stated a producer from India.[/su_quote]
SteelMint assessed that the Ferro Manganese market in India is more or less a producers’ market. Prices are well controlled by the producers as there are only a few for Ferro Manganese, and so when they increase their offers, users who need Ferro Manganese have to accept high offers. However, as most end-users prefer Silico Manganese over Ferro Manganese, so, it is to be seen how long the Ferro Manganese market remains firm.
Exchange Rate :USD 1= INR 58.77
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