Ferro manganese prices remain stable W-o-W, as market condition shows no sign of improvement.
SteelMint weekly assessment for ferro manganese 70% was unchanged at INR 38,000/MT (Ex-Durgapur) and INR 39,000/ MT (Ex-Raipur). “Prices have been constantly on this level for the past few weeks as the market has almost come to a halt”, stated a producer from Raipur.
Market sources reported that buyers are looking for more discounts and it is difficult for producers to lower prices as margins are tight. Ferro manganese market is witnessing low demand because in the current market scenario most end-users prefer Silico Manganese over Ferro Manganese.
Ferro Manganese Export Offers Stable on Thin Trading
In the overseas market demand for Indian origin ferro manganese continued to remain sluggish as most buyers opted out of Indian ferro manganese.
“Demand has been poor over the past few months and prices seem to be flattening out,” remarked a producer source from India.
SteelMint assessed export offers for 70% min. is at around USD 580/MT FoB India (East Coast), and 75% min. is being offered at around USD 625/MT FoB India.
Market sources stated the expectation of more price declines is keeping most buyers out of the market. There is uncertainty about future price direction as the ferro manganese market is expected to remain subdued, with limited production and demand.
Exchange Rate: USD 1 = INR 68.8
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