Prices of Ferro Manganese in the domestic market remained firm, despite less-than-buoyant demand from buyers.
“Ferro Manganese prices have been mirroring the weak steel market in India owing to the seasonal slowdown,” said a producer source discussing the present trend of the commodity.
“Domestic demand is quite weak in the market now, and deals are quite tough to conclude,” said a source referring to the reluctance of the buyers.
Considering the soft demand for Ferro Manganese, some of the producers were observed having a pessimist view of the commodity. However, firm ore prices, weak Rupee and limited production lend support to the commodity’s offers.
SteelMint assessed the Ferro Manganese prices at INR 74,000/MT (Ex-Durgapur) and (Ex-Raipur).
Overseas demand for Ferro Manganese has also followed a similar trajectory, where it is low but constant. In line with the same, the export offers are also assessed to be unchanged at USD 1050/MT FOB India for 70% grade and USD 1150/MT FOB India for 75% grade.
On the future outlook, market participants are expecting Ferro Manganese prices to maintain stability.
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