The ferro manganese market is stable over the past week, however end-users preferred to stay on the sidelines post Diwali holidays.
The ferro manganese market outlook is bearish as demand has slowed further on weak steel market. Indian producers stated that production of Ferro Manganese is low in tune with low demand from steel manufactures, resulting in stability of prices.
A Raipur based producer stated, “It’s hard to say where prices will go. The market is likely see a further decline if steel market is down, but it might stay unchanged in the meantime.”
SteelMint assessed current price for ferro manganese 70% min is INR 41,000/MT (Ex-Raipur) and INR 41,500/MT (Ex-Durgapur).
Indian Ferro Manganese Export Trade Thin
Bearish sentiment continued to linger over the ferro manganese export market as prices remained unchanged W-o-W.
No deals could be confirmed this week in the export market, as sources pegged tradable prices in the same range as before. SteelMint assessed 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.
“Sentiment seems to be anticipating the ferro manganese market will likely be range bound at these lower levels through year end,” said a producer from India.
Most market sources said there is little room for any sustained increase in prices, given falling prices and the weak steel market.
Exchange Rate: USD 1 = INR 66
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