Ferro Manganese market continues to remain timid as producers and traders continue to lament on low deals.
On sluggish end-user demand, HC Ferro Manganese market remains dull. Currently, 70% min grade is being traded at INR 57,000/MT (ex-Raipur). In Durgapur, producers in order to liquidate their inventory are trading at INR 57,500/MT, as there is low demand from domestic and export market. Also, producers reported of some power shortage in the region. Reportedly, many companies are switching to produce Silico Manganese to increase potential revenue from sales, as they expect a better market for Silico Manganese in the coming days.
Export Market
Overseas demand for Indian origin HC Ferro Manganese is low, with few spot deals concluded in the past month. Export offers for HC Ferro Manganese 70% min remain stable at around USD 930/MT FoB India (East Coast). Whereas, 75% min grade is being offered at around USD 1,000/MT FoB India.
A deal of around 60 MT was heard to be concluded for Korea at USD 950/MT CIF Korea.
SteelMint assessed that there is low assurance in Ferro Manganese market as demand has not picked up and there is little possibility of any price rise until demand from domestic and export market returns.
Exchange Rate: USD 1=INR 60.48
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