High Carbon Ferro manganese market remained flat W-o-W as there is low demand and traders are observed correcting their offers.
Amid several weeks of low buying activity experienced by HC Ferro manganese producers, mainstream prices are stable. Current prices for 70% grade are settled at INR 56,500-57,000/MT (ex-Raipur) and INR 58,000/MT (ex-Durgapur). For producers in Durgapur, where power shortage is more severe, mainstream prices are now firm, but participants confirmed few producers are still open to bids at the lower price range, especially for advance payments.
A trader source from Raipur remarked, “There is lack of demand for Ferro manganese and the market will not accept any price rise.”
Export Market
Indian origin HC Ferro manganese demand in the export market remains persistently weak on lack of enquires from buyers. Export offers for 70% min is around USD 930/MT FoB India (East Coast) and 75% min is being offered at around USD 1,000/MT FoB India. Currently, demand from Middle East countries was muted owing to Eid celebration.
On the future outlook, most market participants predict Ferro Manganese offers will remain at this level till month-end.
Exchange Rate: USD 1 = INR 61.28
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