Indian Ferro Manganese Market Finds no Support

Ferro manganese market is on a down-trend with limited trade and inquiries piling pressure on prices.

Facing continuous sluggish end-user demand, producers of ferro manganese are under pressure to reduce prices further. Currently, offers for Ferro Manganese 70% min. stand at around INR 49,000/MT (Ex-Raipur) and INR 50,000/MT (Ex-Durgapur).

“I’m not optimistic. There’s no business being done, so it’s difficult to say where prices are today,” stated a producer from Raipur. The lack of interest was not surprising given the lack of end-user demand from steel mills.

Sentiment in the Indian market is bearish on the back of limited demand for Indian Ferro Manganese in the domestic market as well as abroad, with discussions of prices falling further.

Indian Ferro Manganese Export Volumes down by 52% M-o-M

Indian ferro manganese exports in Mar’16 were 11,000 MT which decreased in Apr’16 by 52% with a total quantity of 5,258 MT.

Prices of ferro manganese in the export market were unchanged as buyers remained absent. There is very poor demand for Indian Ferro Manganese in the overseas markets.

Ferro Manganese grade 70% min. is being offered at around USD 750/MT FoB India (East Coast), and 75% min. is being offered at around USD 820/MT FoB India.

The short-term expectation is for prices to remain under pressure and further downward price movement is expected.

India Export Ferro Manganese in April’16

Qty in MT
Source: SteelMint Research