With supply tightness there is a strong impetus for Indian Ferro Manganese prices to remain firm.
Market participants reported that the Ferro Manganese market is witnessing more inquiries from overseas buyers, while prices remain steady. Current prices of HC Ferro Manganese (70% Mn) stands at INR 76,000/MT in Raipur and Durgapur. There are very few producers producing Ferro Manganese in India, hence, there is limited selling pressure which is helping the producers to offer at a premium. Few producers that are low on inventory were heard to be offering at even higher price levels. But, no deals could be confirmed at these levels.
In the export market, Indian producers have kept offer levels firm in line with strengthening of the Rupee, and with increase in demand from Europe, Middle-East countries, especially Iran. Export offers for HC Ferro Manganese 70% min. stand at around USD 1090 /MT, FOB India (East-coast), and HC Ferro Manganese 75% min. stands at around USD 1140 /MT, FOB India (East-coast).
On the future outlook, there is limited chances of a price correction in the coming week, as the scarcity of high grade manganese ore has curtailed Ferro Manganese production, creating supply tightness in the market.
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