HC ferro manganese prices inched lower as the market showed no improvement and continued its downtrend.
On sluggish end-user demand high carbon ferro manganese market remains dull. Producers continue to lament on low dealings in the market as prices are cut sharply. On account of low demand many plants have also been significantly reduced their production levels.
Current prices for grade 70% min is INR 42,000/MT (Ex-Raipur) and INR 42,500 (Ex-Durgapur). Even with such low prices trading activity remains low. Moreover, for bulk purchases and favorable payment terms, ferro manganese is available for a further discounted price of around INR 40,500 (Ex-plant).
“The market seems worse today than yesterday, estimations of how much more down are difficult, but expectations are downwards,” stated a producer from Raipur.
Poor Demand Weighs on Export Market
Overseas demand for Indian origin HC ferro manganese is low, with few spot deals concluded in this past month. Export offers for HC Ferro Manganese 70% min. is at around USD 640/MT FoB India (East-coast) and 75% min is being offered at around USD 680 /MT FoB India. Indian producers reported that there is very weak demand from international buyers, and especially from Europe which has forced producers to reduce offers.
A producer from India opined, “The weak global steel market are a downward pressure in the export market. These factors are keeping prices at a low level.”
SteelMint assessed ferro manganese prices showed no signs of recovering as lower trades and a pullback in buying positions pointed to a lack of confidence in the market.
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