Indian Ferro Manganese prices remain unchanged on the back of moderate trading activity and limited production of the Alloy.
Demand for the commodity has improved lately which lent support to its prices, restricting it from a further fall.
“We are hoping the demand to improve further so as to raise prices,” said a producer source hinting at modest demand. The margin from the commodity is also lower than expected, he added.
Imported Manganese Ore prices are assessed to have increased as the miners raised their offers due to rising demand for the commodity from Chinese smelters.
However, countering the same, another producer source revealed that the Ferro Manganese prices could correct downwards due to limited demand coupled with MOIL’s lower price revision.
SteelMint assessed Ferro Manganese prices at INR 73,000/MT (Ex-Durgapur) and (Ex-Raipur), while few bulk deals are heard to have been concluded below the aforementioned levels.
In line with the domestic trend for the commodity, the export offers are also assessed to remain unchanged at USD 1075/MT FOB India for 70% grade and USD 1150/MT FOB India for 75% grade.
On the future outlook, market participants expect Ferro Manganese offers to maintain stability while any marginal movement cannot be ruled out.
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