Ferro manganese market saw prices suffer further declines on low demand.
The ferro manganese market remained lifeless, with negligible trades since last month as the Indian Stainless Steel market is also going through a sustained period of downtrend. Prices showed no signs of recovering as lower trades and a pullback in buying positions pointed to a lack of confidence, exacerbated by falling stainless steel prices.
SteelMint assessed current offers for ferro manganese 70% min is around INR 47,000/MT for both Raipur and Durgapur.
According to market sources, the downward pressure on prices is expected to continue.
Export Prices Vary Widely in Ferro Manganese Market
Ferro manganese export trading halted in a stalemate between buyers and sellers, with no transactions reported.
Indian producers are offering ferro manganese 70% min at around USD 710/MT FoB India (East Coast), and 75% min. is being offered at around USD 760/MT FoB India. Price expectation from buyers was heard to be much lower. For grade 70% Min price expectation from buyers is around USD 670-680/ MT FoB India and for 75% Min is around USD 730/MT FoB India.
“We have been looking to trade, but the gap between our offers and price ideas of buyers is just too wide,” stated a producer source from Kolkata.
Producers have lowered their prices to entice buying, but even so it is still difficult to stimulate demand and hence ferro manganese export prices are expected to remain on the downside.
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