High Carbon Ferro Manganese prices were at the same level this week, as market remained largely stable and trading slowed down.
Indian High Carbon Ferro Manganese prices remain unchanged as domestic demand is moderate but steady. Current prices of HC Ferro Manganese (70% Mn) are balanced at INR 58,000/MT (Ex-Raipur and INR 59,000/MT (Ex-Durgapur). Market sources believe that prices will remain at these levels over the next few weeks, as market is witnessing fewer inquiries from buyers.
“Ferro Manganese prices are relatively stable in the market but buying is bearish in the market,” stated a producer source from Raipur.
Export Market
In the overseas market, demand for Indian origin HC Ferro Manganese remained sluggish as Europe & Middle-East are on holiday. Export offers are unchanged for HC Ferro Manganese 70% min at around USD 960/MT FoB India (East Coast), and 75% min is being offered at around USD 1,025/MT, FoB India (East Coast). 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.
SteelMint learned from market sources that prices are likely to remain at current level unless demand picks up. However, in the Budget proposal, import duty on Stainless Steel flat rolled steel has increased to 7.5% from 5%.This will discourage imports and increase domestic production, which will in turn boost the domestic Ferro Manganese market with greater demand from the Stainless Steel Industry – as they are the major buyers of Ferro Manganese & Ferro Chrome.
Exchange Rate:USD 1=INR 60.05
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