Ferro Manganese prices remain unchanged as market participants are awaiting MOIL’s price revision.
“Market has been quiet recently as buyers and sellers are holding their purchase and sales as they are waiting for MOIL to release their prices,” said a producer source discussing the reason for lackluster trade in the market.
“MOIL is expected to increase their offers by 10-15%, in line with the global Manganese ore price,” said another producer hinting a further rise in Ferro Manganese prices.
Ferro Manganese offers are assessed at INR 75,000/MT (Ex-Durgapur) and (Ex-Raipur).
“The global demand for the commodity remains intact and only Europe is currently out of the market,” commented a source on the inquiries.
A source revealed that China has been quoting USD 1400/MT for Ferro Manganese and it is to be seen whether the Indian prices could match up Chinese offers. He further added that there is a possibility that Chinese prices are overvalued.
Export offers are assessed at USD 1175/MT FOB India for 70% grade and USD 1250/MT FOB India for 75% grade.
On the future outlook, Ferro Manganese prices are expected to move up along with higher Manganese ore offers.
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