Indian HC Ferro Manganese prices were mostly flat as buyer resistance and widespread fears of further declines saw trade grind to a halt. Export offers also fall to USD 730/MT FOB India for 70%
Demand for HC Ferro Manganese remains weak, and prices are being weighed down as a result. Sources speculate that prices may continue to drop in the near-term, as there is plenty of unsold material with the producers of Ferro Manganese.
“People don’t want to buy at any price. Most people on the sell and buy-side are just waiting to see if the worst is over,” remarked a producer from Raipur.
Prices showed no signs of recovering as lower trades and a pullback in buying positions pointed to a lack of confidence, exacerbated by falling steel prices. Currently, grade 70% min is being offered at INR 47,000/MT (Ex- Durgapur & Raipur). However, some deals were also concluded at 46,000/MT for larger quantities and favorable payment terms.
Indian Export offers Slips
Export offers for Indian HC Ferro Manganese 70% min assessed at around USD 730/MT FoB India (East Coast) and 75% min is being offered at around USD 810/MT FoB India, down by USD 10-20/MT since March 2015.
SteelMint learned from sources that trade activity has been rare in the Ferro Manganese market in recent weeks. “The market is getting weaker every week and we are getting lesser inquiries from buyers in India and abroad,” remarked a producer source from Kolkata.
SteelMint assessed that end-user demand is essentially stable at a low level and buyers have less interest in making any big volume purchases.
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