Ferro Manganese prices remain firm as limited availability coupled with demand from end-users that have run down inventories lent support
Market participants reported that the Ferro Manganese market is witnessing more inquiries from overseas buyers, while prices remain steady. Current prices of HC Ferro Manganese in Raipur stand at INR 56,000 (70% Mn) and INR 60,000 (75% Mn). In Durgapur, HC Ferro Manganese is not being produced at the moment. All prices are basic and per metric tonne. A senior official from a major Ferro Manganese producing Company remarked, “The market is very volatile right now, with the Rupee fluctuating, and offer prices do not hold good the next day.”
In the export market, Indian producers have raised offer levels in line with strengthening of the Rupee, and with increase in demand from Europe, Middle-East countries, especially Iran. Export offers for HC Ferro Manganese 75% min. is being offered at around USD 980 /MT, FOB India (East-coast).
SteelMint learned from market sources that with the increase in demand from overseas buyers, Indian producers of HC Ferro Manganese are gearing to produce higher grade material (75% Grade) to meet the demand.
On the future outlook, with higher prices achievable in the market due to increase in demand, and high grade Manganese Ore available at a lesser price, it is expected that Producers of Ferro Manganese will resume operations, to balance demand and supply fundamentals.
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