HC Ferro Manganese drifts lower on lack of buying

Indian High Carbon Ferro Manganese continued to trend lower on limited demand. Buying activity remained subdued with mills sitting out. Current prices of HC Ferro Manganese in Raipur stand at Rs. 52,000 (70% Mn) and Rs. 55,500 (75% Mn). In Durgapur, HC Ferro Manganese is trading at Rs. 52,500 (70% Mn). All prices are basic and per metric tonne. A Ferro Manganese producer revealed to SteelMint, “If anyone is buying, it’s mostly traders now, not the steel mills.”

However, other sources saw past the lack of domestic demand and pointed out on having cut their export offers to consummate trade, as the Rupee has weakened considerably against the Dollar. Export offers for Indian HC Ferro Manganese 75% min. is hovering between $1020-1030 /MT, and HC Ferro Manganese 70% min. is offered by Indian suppliers at $970 /MT, FOB India (any port). It is to be seen whether the recent price-correction can boost foreign sales for HC Ferro Manganese.