India: Ferro Manganese Prices Stable as Market Lacks Activity

Offers for Ferro manganese remains firm on moderate demand and high Manganese Ore prices.

Domestic Ferro Manganese market remained static as the current prices are neither too high nor too low, and seems acceptable to both buyers and sellers, amid little change expected in the demand and supply fundamentals. “We are booked for June and don’t have much inventory left to confirm new tenders,” mentioned a producer source, referring to increasing inquiry for the product.

Currently, offers for Ferro Manganese 70% min. is stable at INR 78,000/MT for Ex-Durgapur and INR 79,000/MT Ex-Raipur.

Moreover, another producer remarked, “MOIL’s price revision and global high Manganese Ore prices have prompted us to increase the Ferro Manganese prices to INR 80,000/MT but it is unacceptable in the market”. He further added that the buying interest for Ferro Manganese is likely to remain low, but prices to remain stable on account of low production and higher cost of Manganese Ore.

Overseas demand for Indian origin Ferro manganese has gradually increased but Indian suppliers have kept prices unchanged on account of stiff competition from South Africa and Russia.

Export offers for Ferro Manganese 70% min is at around USD 1150/MT FoB India (East Coast), and 75% min. is being offered at around USD 1250/MT FoB India.

SteelMint assessed that MOIL’s decision to increase prices for June was a blessing in disguise for the Manganese Alloy producers, as it has lent support to Ferro Manganese prices.