Ferro Manganese offers drifts further downward as demand slumps during fiscal year end.
Indian Ferro Manganese prices have been under pressure on evaporating demand due to cash-crunch in the market coupled with weak steel fundamentals.
“A tight money market has restricted buyers to procure any commodity,” said a producer source referring to the cautious stance of buyers during year-end.
Another source mentioned about the difficulties in trading as unchanged Manganese Ore offers have weighed down the margins.
SteelMint assessed Ferro Manganese offers at INR 78,000/MT (Ex-Durgapur) and (Ex-Raipur).
“The demand from Europe was flat but our offers maintained stability due to constant inquiries from some of the Asian and Middle-Eastern countries,” said a producer source.
Export offers for Ferro Manganese have been assessed at USD 1,200/MT FOB India for 70% grade and USD 1,260/MT FOB India for 75% grade.
Market participants are of mixed view with most of them hoping the prices to maintain stability while bearish sentiment is observed to have been creeping through the Ferro Manganese market.
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