Ferro manganese export prices receded, as continued weakness in the market sapped demand.
Ferro Manganese demand in the export market remains persistently weak with a lack of enquires from buyers. Indian producers have lowered offers in the export market to spur demand.
A producer source from India remarked, “I definitely am not holding positive views of the market moving forward. The continuous drop in prices is making it tough to survive.”
SteelMint assessed export offers for HC ferro manganese 70% min. is around USD 625/MT FoB India (East-coast) and 75% min is being offered at around USD 650/MT FoB India.
Domestic Ferro Manganese Market Stable as Buying Activity Wanes
High Carbon Ferro Manganese demand in the market remains subdued as buyer’s indication was unmoved on stable offer.
Following several weeks of low buying activity experienced by high-carbon ferromanganese producers, mainstream prices are unchanged. SteelMint assessed current price for ferro manganese 70% min is INR 41,000/MT (Ex-Raipur) and INR 41,500/MT (Ex-Durgapur), both unchanged W-o-W. With prices being at such a low level producers are suffering losses in the market. The Steel market in India is going through a period of sustained weakening. Hopes of a rise in prices have been extinguished.
“We really aren’t seeing many buyers. Price levels are getting eroded every week and there isn’t much buying interest,” stated a producer from Raipur.
SteelMint assessed that the market condition is unlikely to improve, with the export market likely to remain sluggish, and compounded by weaker domestic prices and soft demand.
Exchange Rate: USD 1 = INR 66.7
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