Ferro manganese export offers eased, as sellers appeared to be lowering offers to entice buyers.
Indian Origin HC ferro manganese demand in the export market remains persistently weak with lack of enquires from buyers. Export offers for HC ferro manganese 70% min is around USD 600/MT FoB India East Coast and 75% min is being offered at around USD 630/MT FoB India East Cost. Currently, demand in the export market is muted due to Christmas and New Year holidays.
A producer from Kolkata remarked, “I don’t think the export market will improve soon. I don’t yet see any positive signs.”
Domestic Ferro Manganese Market Stable; Recovery Expected
Ferro manganese prices stabilized after prolonged weakening, as sentiment in the market is slowly improving.
Following several months of low buying activity experienced by high-carbon ferro manganese producers, mainstream prices are stable. Current prices for 70% grade are settled at INR 39,500/MT for both Raipur and Durgapur. Market participants are now hoping for a pickup in prices as the steel market is slowly improving.
A Raipur based producer stated, “There doesn’t seem to be any clear direction except for it remaining stable for now. Although, demand is returning in the market I am not expecting the market to undergo any significant changes”.
Ferro manganese prices have found support at these levels. Market sources gave some hints of bullishness in the market as buying interest returns but this may not render any significant support to spot prices.
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