Indian Ferro Manganese producers raised their offers owing to rise in global Manganese Ore prices.
Ferro Manganese production has been low, while a rise in ore prices provoked the producers to elevate their offers further despite the market for the commodity being slow.
“High cost of Manganese Ore has compromised our margins, and we have to raise our prices in line with Ore prices,” said a producer source justifying the rise in Ferro Manganese offers by them.
“Imports of high-grade Manganese Ore chips and fines by the Ferro Manganese producers has been a perfect alternative so far,” said another source.
SteelMint assessed Ferro Manganese offers at INR 79,000/MT (EX-Durgapur) and (Ex-Raipur).
The overseas market is active but Indian producers are expecting a better market in the coming days.
In line with a rise in domestic offers, producers have also raised their export offers at USD 1,210/MT FOB India for 70% grade and USD 1,280/MT FOB India for 75% grade.
On the future outlook, Ferro Manganese offers are expected to remain stable while market participants anticipate a further rise in Manganese ore prices as South Africa is about to witness winter season.
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