Indian Ferro Manganese maintains price stability amid low but continuous demand.
Albeit market participants were bullish regarding post GST activities, there has not been any change in the situation as demand has not returned as anticipated.
“Market is quiet and buyers are currently on wait-and-watch mode to get a clear direction,” mentioned a producer source expressing his concern on low demand.
SteelMint assessed prices for Ferro Manganese grade 70% at INR 73,000-74,000/MT (Ex-Raipur) and (Ex-Durgapur). However, post GST implementation there has been uniformity in prices as all the taxes are calculated under one roof.
In line with the domestic price, export offers have also been kept unchanged at USD 1140/MT for 70% grade and USD 1210/MT for 75%.
However, market participants are bullish on current market situation and are expecting demand to return. SteelMint assessed that the traders will resume their buying activity as soon as they understand the new tax regime and get clear picture of the scenario.
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