HC Ferro manganese prices have shown no signs of recovering as lower trades and a pullback in buying positions pointed to a lack of confidence in the market.
According to sources, weak end-user demand has forced low prices on Indian HC Ferro manganese producers and quotations & deals have softened by INR 1,000/MT in Raipur. Current prices for 70% Mn grade are settled at INR 51,000/MT (ex-Raipur) and INR 52,500- 53,000/MT (ex-Durgapur).
Export Market
In the overseas market, demand for Indian origin HC Ferro manganese remain muted as most buyers opted to stay on the sidelines. Currently, the export market for HC Ferro manganese remains dormant. Export offers for 70% min is around USD 825/MT, FoB India (East Coast) and 75% min is around USD 920/MT, FoB India.
“I believe international markets, dollar strength, weakening steel prices are downward pressure on pricing in general, which have been huge factors on keeping this market in check,” stated a Kolkata based producer.
SteelMint assessed that HC Ferro manganese prices have declined steadily since October 2014, and as steel fundamentals have shown no sign of improvement, end-user demand for Ferro manganese will continue to be capped.
Exchange Rate: USD 1= INR 63
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