HC Ferro manganese market saw a feeble start to the trading week, as prices remained unchanged and buyers held off purchases in anticipation of further price fall.
Ferro manganese prices are stable as sources said slower demand is forcing bids at a low level. Currently, 70% min grade is being offered at INR 49,000/MT (ex-Raipur) and INR 51,000/MT (ex-Durgapur). Indian producers stated that production of Ferro manganese is low in tune with low demand from steel manufactures, resulting in stability of prices.
“We have slowed down operations due to low prices in the market as steelmakers would rather keep their inventory low and buy only when it’s urgent”, opined a Raipur based producer.
Export Market
Ferro manganese in the export market continued to remain under pressure as prices were at a low level but some deals were heard to be concluded with South Korea. Export offers for HC Ferro manganese 70% min is around USD 825/MT, FoB India (East Coast) and for 75% min is around USD 920/MT, FoB India; unchanged W-o-W.
“For a general overview, the export market is very weak. It’s very difficult to have any buoyancy about the Ferro manganese market at the moment. It’s very hard to trade as demand is very low”, stated a trader from India.
SteelMint assessed the buying interest to remain low but prices to remain stable on account of low production.
Exchange Rate : USD 1 = INR 61.7
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