Demonetization of the currency has at least temporarily impacted steel demand in India, and in turn for Ferro Alloys as well.
Indian manganese alloys producers reported of an absence of demand for the last ten days, after Government demonetized INR 1,000 and INR 500 notes from the midnight of 8 Oct’16. There are no inquiries in the market and few producers are also considering shutting down operations for a few days.
Last heard traded price for silico manganese 60-14 assessed at INR 62,000 MT (Ex-Durgapur) and INR 63,000 (Ex-Raipur) and ferro manganese 70% min stood at INR 79,000/MT (Ex-Durgapur) and INR 80,000/MT (Ex-Raipur).
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