Indian Ferro Manganese prices slip further on lackluster demand coupled with falling Manganese ore prices.
There has been a constant deterioration in demand of Ferro Manganese and uncertainty has been observed within the buyers as bearish sentiment runs through the market.
“Falling Manganese Ore prices have provided room for fall in alloy prices,” said a source expressing his disappointment.
Global Manganese Ore prices have been sliding down amid low offtake and sinking demand as Manganese Alloy prices are under pressure in both China and India. Manganese Ore prices have reduced to USD 6.4/dmtu CIF India for South-African 36-37% carbonated ore while high-grade ores prices are at USD 7.5/dmtu and USD 7.25/dmtu CIF India from Australia and Gabon respectively.
A dull market for the commodity pulled down its price to INR 72,000/MT (Ex-Durgapur) and INR 73,000/MT (Ex-Raipur).
Export offers also witnessed a downtrend as producers are hardly receiving any inquiries. SteelMint assessed the export offers at USD 1050/MT FOB India for 70% grade and USD 1150/MT FOB India for 75% grade.
Moreover, the depreciating rupee also provided an opportunity to Indian exporters to reduce export offers to consummate trade as buying interest from overseas has been in a languid state of late.
On the future outlook, the market participants expect the Ferro Manganese offers to maintain stability until demand, especially from overseas regain ground.
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