Ferro manganese prices have edged up on the back drop of shortage of high grade ore along with high ore prices.
SteelMint weekly assessment of silico manganese grade 70% min was made at INR 52,000 (Ex-Durgapur) and INR 55,000 (Ex-Raipur). Prices have remained unchanged in Durgapur but prices in Raipur have increased as producers have run down on ore inventories and only two manufacturers are producing Ferro Manganese as there is shortage of high grade ore and MOIL also increased prices for high grade ore for September.
Prices of all ferro grades (above 46%) of ore have increased by 25%, ferro grades less than 46% by 20% from the quarterly prices.
Indian producers have expressed unwillingness to lower offers in light of tightening supply. Although, demand for the alloy is lacklustre.
Ferro Manganese Export Market Trade Remains Weak
The export market also saw no changes in terms of prices as trading activity was very low.
Offers for ferro manganese 70% min at around USD 760/MT FoB India (East Coast), and 75% min. is being offered at around USD 800/MT FoB India. Indian offers have not found acceptance in the export market as it is not price competitive, and South African offers are at a much lower level.
Most market participants are of the view that the current price level in India is likely to remain unchanged for rest of the month because there is no apparent demand and supply is restricted, balancing the effect on pricing mechanism. However, few Stainless Steel producers are also considering importing Ferro Manganese as it is much cheaper.
Exchange Rate: USD 1 = INR 66.8
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