India: HC Ferro Manganese Prices up by INR 1,000/MT

Prices of Ferro Manganese in the domestic market increased, despite less-than-buoyant demand from buyers.

HC Ferro Manganese prices rise in the market as the big producers are all currently booked with bulk orders. Currently, grade 70% min is being offered at INR 47,000/MT (Ex-Raipur) and INR 48,000/MT (Ex-Durgapur). Market sources reported of bulk orders and manufactures are gearing up to fulfill these contracts, hence, limited material will be available in the open market, has prompted manufactures to raise their offers.

A manufacturer from Raipur stated, “Ferro Manganese prices will either rise marginally or remain at these levels in this next month, as producers are not under any selling pressure and will not have much material to offer after fulfilling their contractual agreement.”

Export Offers Unchanged amid Weak Demand

Ferro Manganese export market is weak, as sellers faced with low bids from international buyers-showed greater willingness to drop offers, supported by the depreciating Rupee.

Export offers for HC Ferro Manganese 70% min is around USD 730/MT FoB India (East Coast) and 75% min is being offered at around USD 800/MT FoB India, unchanged W-o-W.

Looking at the dull market condition a producer source from India stated, “The bids I’m getting are very low, there’s no point putting up an offer price.”

On the future outlook, market sources reckoned demand is unlikely to rise at, but prices are expected to remain firm on supply shortage.

Exchange Rate : USD 1 = INR 63.8