India Ferro Manganese market is mostly quiet, as domestic buyers continued to steer away from procurement on event of GST implementation.
Buying interest in the domestic market for Ferro Manganese was very low as buyers’ judgment is clouded by uncertainty over GST implications.
Demand has weakened in the domestic market and buyers with immediate requirement are only procuring and in very limited quantity. The current offers for Ferro Manganese (Ex-Durgapur) and (Ex-Raipur) has slipped to around INR 74,500/MT.
Demand from overseas market is moderate but offers for the same have also come down in line with domestic prices. SteelMint assessed that the Indian producers are lowering their offers due to selling pressure and are keen to generate higher sales from the export market.
Indian producers are offering Ferro Manganese 70% min at around USD 1140/MT FoB India (East Coast), and 75% min. is being offered at around USD 1210/MT FoB India.
“There is very little buying interest and prices continue to slide as suppliers cut offers aggressively to secure consumer demand,” stated a trader from India.
Market participants were observed to be bullish for the next 1-2 weeks as they expect the buyers to purchase aggressively post GST implementation, as most buyers had postponed procuring to July.
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