Higher ore prices have pushed up Ferro Manganese prices in India, despite a continued lack of demand – both from domestic and overseas markets.
In the domestic market Indian Ferro Manganese producers have kept prices firm in an effort to protect their operating margins, but there is an air of bearishness as demand is low. Ferro manganese prices in Raipur remain unchanged this week. Durgapur producers have increased their offers after last week’s price rise in Raipur.
SteelMint assessed the current price for grade 70% min for both Raipur and Durgapur is INR 55,000/MT.
A trader from Raipur stated, “Ferro manganese prices will either rise or remain at these levels in this next coming week, and producers are not willing to lower offer with the high cost of production and also as they do not have much material to offer.”
Ferro Manganese export market is weak, as sellers are faced with low bids from international buyers. Currently, there are no offers for Indian-origin ferro manganese in the export market as Indian producers are not price competitive at the moment.
Looking at the dull market condition a producer source from India stated, “The bids I’m getting are very low, there’s no point putting up an offer price.”
On the future outlook, market sources reckoned demand is unlikely to return, but prices are expected to remain firm on supply shortage and rising ore prices.
Leave a Reply