Indian Ferro Manganese Prices Firm but Awaiting Demand Recovery

Indian Ferro Manganese prices have remained firm, supported by low production of the Alloy, due to the tight availability of Ore.

Indian Ferro Manganese production continues to be at a low level and this has prompted a response from the producers to keep prices firm, despite the lackluster demand.

The present offers for Ferro Manganese grade 70% has increased to INR 74,000/MT (Ex-Durgapur) and INR 76,000 (Ex-Raipur). However, SteelMint learnt that a major producer in West Bengal has concluded a bulk quantity deal of 500 MT at a price of INR 72,000/MT.

There are only a few producers in Chattisgarh that are producing Ferro Manganese, namely – Sarda Energy, Hira Power, Girja Smelters and Metallic Alloys and Saturn Ferro, which are producing HC Ferro Manganese grade 70%. According to SteelMint Research, the estimate production of these plants combined is around 6,000-7,500 MT per month, at present.

On similar lines, Maithan Alloys , Cosmic Ferro , Rashmi Smelters , Lalwani Ferro, Shyam Ferro, Sharp Ferro Alloys, Rohit Ferrotech and Modern India Concast are producing an estimate of 15,000-17,000 MT in West Bengal.

Appreciation of INR against USD has influenced the higher export offer prices, where HC Ferro Manganese grade 70% is being offered at USD 1100/MT and grade 75% at USD 1150/MT FOB India.

SteelMint assessed that demand for Ferro Manganese has generally been minimal across all regions and the price of Manganese Ore will predominantly determine the price of the Alloy.