Ferro Manganese market has been flat this week, with little change in market conditions and quiet trading activity.
High Carbon Ferro Manganese market remained stable this week, as there was slow demand and traders were observed to correct their prices. Current offers for 70 % Mn are settled at INR 58,000/MT (Ex-Raipur) and INR 59,000/MT (Ex-Durgapur).
“Demand from the stainless steel market has been slow for the past few weeks,” said a producer source. However, he added that this slowdown was a seasonal cycle and that he believed demand in the stainless steel sector would rise at the beginning of September owing to restocking. SteelMint assessed that increase of 2.5% import duty on stainless steel flat rolled steel in India is also a source of contention, as it will prevent dumping from China and production of stainless steel will increase. This should translate into giving a boost to the domestic Ferro Manganese and Ferro Chrome market.
Export Market
Export market remains dormant as demand for Indian origin HC Ferro Manganese remains low. Export offers for 70% min is at USD 960/MT FoB India (East Coast), and 75% min is at USD 1,025/MT FoB India. Market sources believe that prices would remain at these levels over the next few weeks, as market is witnessing fewer inquiries from buyers.
Market sources reported of bearish sentiment prevailing over the market and so prices are expected to remain checked in the near future. SteelMint assessed that the overall market sentiment is quite hesitant in increasing prices looking at the prevailing market condition.
Exchange Rate: USD 1= INR 60.26
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