Despite limited demand for Ferro Manganese, the producers have kept their prices firm in view of rising Manganese Ore prices.
“Ferro Manganese prices have been mirroring the weaker Stainless steel market in India during September and corrected marginally in the duration,” said a producer source discussing the present trend of the commodity.
Considering the soft demand for Ferro Manganese, some of the producers were observed having a pessimist view of the commodity. However, rising ore prices lend support to the commodity’s offers.
SteelMint assessed the Ferro Manganese prices at INR 74,000/MT (Ex-Durgapur) and 74,000/MT (Ex-Raipur).
Overseas demand for Ferro Manganese has also reflected similar trajectory, where it is low but constant. In line with the same, the export offers are also assessed to be unchanged at USD 1130/MT FOB India for 70% grade and USD 1190/MT FOB India for 75% grade.
On the future outlook, sell-side participants are expecting the prices to remain firm in coming weeks until demand for the commodity rebounds.
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