The High Carbon Ferro Manganese spot market was generally steady with fewer materiel available  from sellers, same as last week with continuous lackluster buy-side demand.

Indian High Carbon Ferro Manganese market is witnessing sporadic deals and stable prices at the moment.  Current prices of High Carbon (HC) Ferro Manganese in Raipur stand at INR 55,500 (70% Mn) and INR 60,000 -60,500(75% Mn). In Durgapur, HC Ferro Manganese is being offered at INR 56,500. A Ferro Manganese producer remarked, “Despite regular enquiries, there is no improvement in deals.” He further added, “The market is quiet now and I can’t tell whether it will recover in this month.” Ferro Manganese producers are also facing margin pressure as MOIL had earlier hiked prices by 5-10% across all product offerings for the October-December (Quarter-3).

Export Market

Overseas demand for Indian origin HC Ferro Manganese is low, with little or no deals concluded in the past week. Export offers for HC Ferro Manganese 70% min. is being offered at USD 870-880 /MT FOB India (East-coast), and HC Ferro Manganese 75% min. is being offered at around USD 950 /MT, FOB India (East-coast).

Market Participants reported to SteelMint that many producers have reduced or stopped production due to high input cost and low prices in the market. There is a bearish sentiment in the market, and most market participants hold a wait-and-watch notion.

Exchange Rate: USD 1 = INR 62.72