Indian Ferro Manganese prices remained stagnant, with the market witnessing limited demand.
Ferro Manganese producers were unable to raise their offers despite dearer imported Manganese Ore due to persistent lack of demand for the alloy.
“Demand has somewhat evaporated because of weak steel fundamentals in line with seasonal slowdown,” said a source, expressing concern.
Another source pointed towards the depreciating INR vis-à-vis the USD due to which cost of importing the ore has gone up substantially thereby affecting producers’ margins.
SteelMint assessed Ferro Manganese prices at INR 74,000 (Ex-Durgapur) and INR 75,000/MT (Ex-Raipur). However, a few producers claimed to have concluded deals at higher prices. Such deals were conducted on an urgent basis.
For producers, the export market, too, has been disappointing. Despite exporters having the opportunity to reduce their offers owing to weaker INR, relatively high raw material costs have forced them to keep prices on par.
Export offers are assessed at USD 1050/MT FOB India for the 70% grade and USD 1150/MT FOB India for the 75% grade.
On the futures front, market participants are uncertain about price movements while expecting the same to remain stable.
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