Indian HC ferro manganese market is witnessing sporadic deals and stable prices at the moment but producers and traders are under pressure to liquidate stock.
The mainstream offer price for HC ferro manganese in Raipur stands at INR 47,500/MT (70% Mn) , INR 47,000/MT (Ex-Odisha) and INR 48,000/MT (70% Mn) Ex-Works Durgapur. Market participants reported of a very slow domestic market resulting in producers of ferro manganese to cut-down production levels. A senior official from one of the largest manufacturers of HC ferro manganese in India revealed to SteelMint, “The market for ferro manganese is going through a period of sustained downtrend, so we have shut our Durgapur plant and prefer to stay on the sidelines.”
SteelMint assessed that many producers have reduced or stopped production due to high input cost and low prices in the market.
Export Market
Overseas demand for Indian origin HC ferro manganese is low, and Indian suppliers aided by the weak Rupee had further reduced their offers to consummate trade. Export offers for HC ferro manganese 70% min. stand at around USD 725/MT FOB India (East-coast), and HC ferro manganese 75% min. is being offered at around USD 790/MT, FOB India (East-coast).
SteelMint assessed that few market participants are hopeful of better demand in the export market as there is news of supply issues from South Africa. BHP Billiton’s spin-off South32 announced it would delay the restart of three out of the four HC ferro manganese furnaces, and Assmang also announced shutdown of two of its furnaces. Prices in Europe have already increased as a result.
Exchange Rate : USD 1 = INR 63.8
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