Prices of Ferro Manganese in the domestic market remained firm, despite less-than-buoyant demand from buyers.
SteelMint assessed the current price for grade 70% min for both Raipur and Durgapur is INR 55,000/MT.
Domestic demand for ferro manganese remains low with prices remaining unchanged this week. Indian producers reported buyers were reluctant to buy as prices were quiet high. “Domestic demand is quite weak in the market now, and there has been hardly any purchases made last week” stated a Raipur based producer.
Ferro manganese export market is timid with no keen buying interest from overseas players. Currently, there are no offers for Indian-origin ferro manganese in the export market, with very few players producing Ferro Manganese as high grade manganese ore is scarce and very costly too.
Sources said a lack of deals and spot demand stymied any price movement. “There are no enquiries, there is no improvement in volume of sales. This is because prices are too high for the buyers as Indian Ferro Manganese is not price competitive in the global market.” stated a producer from Kolkata.
Prices are likely to remain at this level for this week as most producers are waiting for the next quarter MOIL manganese ores prices, and market participants feel MOIL is likely to increase prices looking at the soaring imported ore prices.
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