Indian Ferro Manganese prices head northwards on expensive raw material and expected a hike in prices by MOIL.
“Moderate demand and limited supply have balanced the pricing mechanism but expensive ore and Met coke has added to the commodity’s price,” said a source justifying the hike in Ferro Manganese prices.
SteelMint assessed Ferro Manganese prices at INR 78,000/MT (ex-Raipur) and (ex-Durgapur).
“Demand from overseas has been a matter of concern as US sanctions on Iran has created difficulty for India to export,” said a source. The Asian countries are also preferring Malaysian Ferro Manganese due to its low prices, he further added.
However, another producer source claimed Ferro Manganese prices would rise further as they expect MOIL to raise prices for the coming quarter.
Export offers are assessed to be unchanged USD 1050/MT FOB India for 70% grade and USD 1150/MT FOB India for 75% grade.
On the future outlook, the Ferro Manganese prices are expected to maintain stability until any foreign factor meddles in.
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