Indian Ferro Manganese offers witnessed a drop in line with moderate demand and lower Manganese Ore prices.
Demand remains moderate for the commodity and Ferro Manganese prices are affected by the falling imported ore offers in global market. Moreover, MOIL also reduced prices for all grades of Manganese Ore by 5% for Dec’17. However, steel fundamentals is improving in India, and demand for Ferro Manganese could soon return to the market.
“This is not unusual as market will slowly gain momentum after Ferro Manganese prices gain stability,” said a producer source discussing the trend. Moreover, he did not express much of a concern while commenting about weakening Ferro Manganese prices.
Steelmint assessed Ferro Manganese offers at INR 68,000/MT Ex-Durgapur and Ex-Raipur at INR 69,000/MT.
Demand from overseas market also remains low but constant as regular inquiries are received from Europe, Iran and other countries from the Middle-East.
Export offers are assessed at USD 1115-1125/MT FOB India for 75% grade and USD 1075-1085/MT FOB India for 70% grade.
On the future outlook, Ferro Manganese offers are expected remain steady if global Manganese ore prices find stability.
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