HC Ferro Manganese Prices Marginally Down

HC ferro manganese market continued to see thin trade with sellers lowering offers as demand remained soft.

On sluggish end-user demand, high carbon ferro manganese market remains dull with purchases being made in very small quantities. Currently, grade 70% min is being traded at INR 47,000/MT (Ex-Raipur) and 47,500/MT (Ex-Durgapur). Prices have gone down marginally and producers had already opted to cut production levels in sight of poor demand from steel mills.

“There isn’t too much eagerness as buying is still relatively hesitant. Poor demand from steel mills is hurting the market sentiment,” remarked a producer from Raipur.

HC Ferro Manganese Export Market Remains Dull

High carbon ferro manganese demand in the export market was slack as foreign buyers were increasingly looking elsewhere to procure the material. Export offers for HC ferro manganese 70% min is around USD 725/MT FoB India (East Coast) and 75% min is being offered at around USD 790/MT FoB India. There was an absence of deals with the overseas markets and Indian suppliers having kept their offers unchanged since many weeks, even though demand continues to remain low.

Market participants shared with SteelMint that HC ferro manganese prices showed no signs of recovery as lower trades and a pullback in buying positions pointed towards a lack of confidence in the market; buying interest for ferro manganese will continue to be restrained.

Prices in INR/MT
Source: SteelMint Research
Exchange Rate: USD 1 = INR 63.3