Price for Ferro Manganese remains firm on increasing inquiry from the overseas buyers.
On the domestic front, Ferro Manganese market remained static on moderate demand. Indian producers reported that continuous strengthening of imported manganese ore prices left them no choice but to keep their prices firm. Moreover, supply-shortage prevails in the market as most of the production houses booked advance orders.
SteelMint assessed Ferro Manganese 70% being traded at around INR 78,000/MT (Ex-Durgapur) and INR 79,000/MT (Ex-Raipur).
Demand from overseas market seems to have improved as market participants reported of rising inquiries from Europe, the Middle-East and some of the other Asian countries.
“Unlike the domestic market, we are witnessing robust demand from the export market at present, but further price hikes might not get accepted. Hence, we have to keep our prices unchanged,” opined a manufacturer source.
SteelMint learned from market sources that export offers for 70% min. is at around USD 1,160/MT FoB India (East Coast), and 75% min. is being offered at around USD 1,250/MT FoB India.
On the future outlook, market sources reckoned that the present scenario is unlikely to change until offers of Manganese Ore corrects.
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