Ferro manganese prices moved up, as fresh buying emerged in the market.
SteelMint assessed ferro manganese 70% being offered at INR 42,000/MT (Ex-Durgapur) and INR 44,000/MT (Ex-Raipur).
Stronger markets supported sentiment, alongside an uptick in steel markets has helped the ferro manganese to improve. Indian producers also reported that there is a shortage in supply and most producers are overbooked. Also manganese ore prices have increased in the international as wells domestic market and so producers had to increase their offer levels
“Sentiment is quite good at the moment and demand from mills is quite good,” stated a producer from Raipur.
Market watchers are of the view that with higher prices achievable in the market due to increase in demand, along with shortage ferro manganese, it is expected prices will remain firm in this month.
Ferro Manganese Export Offers Rise
The ferro manganese export market witnessed better activity and hence offer levels were increased by the producers.
In the export market, Indian producers have raised offer levels as the realization from exports is lower than the domestic market. SteelMint assessed export offers for 70% min. is at around USD 610/MT FoB India (East Coast), and 75% min. is being offered at around USD 650/MT FoB India.
Market sources reckoned demand is unlikely to rise, but prices are expected to remain firm.
Exchange Rate: USD 1 = INR 66.9
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