The demand for Indian Ferro Manganese has been persistently low as bearish sentiment prevails.
A downtrend in Indian Ferro Alloy prices has cautioned the buyers to make any certain move despite of a strengthening steel market.
“Though there are a few inquiries but those are from buyers with an urgent need,” said a producer source expressing his concern on the limited quantum of deals concluded. It is getting increasingly difficult to sell, he further added.
SteelMint assessed Ferro Manganese offers at INR 75,000/Mt (Ex-Raipur) and INR 75,000-76,000/MT (Ex-Durgapur).
A recent reduction of ore prices by MOIL and major global miners has also aided manganese alloy producers to cut offers in order to generate more buying interest.
The overseas demand for Indian Ferro manganese has failed to rebound as well and exporters are slightly relieved with the Rupee depreciating.
Inquiries from Europe has been very disappointing but some trades with Middle-Eastern and Asian countries have been concluded.
Export offers are assessed at USD 1070/MT FOB India for 70% grade and USD 1170/MT for 75% grade.
On the future outlook, the Ferro Manganese offers are expected to remain under pressure unless demand recovers.
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