Indian Ferro Manganese Prices fell further amid low trading activities. Producers are aggressively lowering down the prices to entice customers. A producer said that the demand in the domestic market is moderate but the prices at which the deals are concluding is not feasible and therefore they are hoping some demand from the export market. Imports of Ferro Manganese increased by 28% in Jun’19 on M-o-M basis, out of which 52% of imports were from South Africa and 34%imports were from Malaysia. Imports from these two major exporting countries increased by 47% from South Africa and 12% from Malaysia. Producers reported that due to high graded material imports at reasonable cost the domestic market got hampered and many plants went through shutdowns, and there are very few plants producing Ferro Manganese at this moment. Oversupply situation is controlled for now but the low demand in the market is keeping the producers from any hike in prices.
Demand in the domestic market remains dull. Ferro Manganese prices are at INR 68,000/MT Ex-Raipur. In Durgapur, offers are at a range of INR 67,000 – 68,000/MT Ex-Durgapur. Owing to the currency exchange rate adjustments, export prices were reduced significantly. Export quality HC70% is being offered at USD 950/MT FOB India and HC 75% is offered at USD 1040/MT FOB India.
On the future outlook, the market is quite unpredictable. However, producers are still optimistic and believe that the prices may not fall further and will stay close to present levels.
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