Indian Ferro Manganese offers have witnessed a drop as its demand has recently been observed to be low.
With rising uncertainty among traders, the demand for Indian Ferro Manganese remained soft. Prior to implementation of the Goods and Services Tax (GST), traders were observed to be cautious in maintaining low stock, which has resulted in downward correction of Ferro Manganese prices.
SteelMint assessed Ferro Manganese 70% being offered at INR 76,500/MT (Ex-Durgapur) and INR 77,500/MT (Ex-Raipur).
However, overseas demand has been steady and export offers remains unchanged at USD 1160/MT for grade 70% and USD 1250/MT for 75% grade.
SteelMint assessed that many Ferro Manganese producers have temporarily discontinued production, in line with absence of demand. The market participants are hoping for a clearer direction, post implementation of the GST.
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