HC Ferro manganese prices continued to decline in Durgapur and Raipur on factors like low steel prices and poor end-user demand.
Ferro manganese prices slipped further as trade volume remained thin. Currently, 70% min grade is being offered at INR 49,000/MT (ex-Raipur) and INR 51,000-51,000/MT (ex-Durgapur). Buying interest for Ferro manganese continues to weaken as the steel market in India is going through a period of sustained weakening.
“There is a lot of uncertainty about whether the market has bottomed out or there is a possibility of a further weakening in prices”, stated a Raipur based trader.
The export market reported no further fall in prices but remained flat. Export offer for HC Ferro manganese 70% min is around USD 825/MT, FoB India (East Coast) and 75% min is around USD 920/MT, FoB India.
Market participants reported to SteelMint that HC Ferro manganese prices showed no signs of recovering as lower trades and a pullback in buying positions pointed to a lack of confidence in the market and buying interest for Ferro manganese will continue to be restrained.
Exchange Rate : USD 1 = INR 62
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