High Carbon Ferro Manganese prices stable with supply reduction but low and steady demand from buyers.

Indian High Carbon Ferro Manganese prices firm as domestic demand for the material is currently stable in the market. Current prices of High Carbon (HC) Ferro Manganese in Raipur are balanced at INR 55,000 (70% Mn) and INR 60,000 (75% Mn). In Durgapur, HC Ferro Manganese is being offered at INR 55,500 (70% Mn).

[su_note note_color=”#edede8″]A producer source from Raipur stated, “Domestic demand, meanwhile, continues to hold firm and expectations are that the price would increase in January due to supply tightness in the market. However, looking at the stable market condition we are offering HC Ferro Manganese at INR 55,500 /MT.”[/su_note]

[su_note note_color=”#edede8″]However, contrary to this traders reported of very poor demand and one trader from Raipur remarked, “Nobody wants to buy now and be stuck with it, when the demand for Ferro Manganese keeps tanking.”[/su_note]

Export Market

High Carbon Ferro Manganese export market had wound down for the Christmas and New Year’s holidays in Europe and participants waited for clearer direction on prices. Export offers for HC Ferro Manganese 70% min. is being offered around USD 880 /MT FoB India (East-Coast), and HC Ferro Manganese 75% min. is being offered around USD 960 /MT, FoB India (East-Coast).

A deal was concluded for 100 MT of Ferro Manganese (70% min) from Vizag to Busan, Korea at around USD 860-870 /MT. Another 100 MT deal was concluded from Kolkata for Dubai at around FoB price of 850-860 /MT. Some producers are offering Ferro Manganese at a higher price as they are hoping to get better offers from Europe and Gulf countries. Currently their offer for HC Ferro Manganese 70% min. is USD 900 /MT FoB India (East-Coast), and HC Ferro Manganese 75% min is USD 1010 /MT, FoB India (East-Coast).

SteelMint assessed that there has been a shortage of material in the market but general demand remained constrained.

Exchange Rate: USD 1= INR 62