High Carbon (HC) Ferro Manganese prices remain unchanged, as prices have found support at these levels. Market sources gave some hints of bullishness in the market as buying interest returns.
In the Indian market, HC Ferro Manganese prices have seen no changes, although there was some rise in demand. Current prices of HC Ferro Manganese in Raipur are settled at INR 58,000 (70% Mn). In Durgapur, it is being offered at INR 58,000 (70% Mn). Indian producers reported of active buying in the market, though it is expected that the market will remain quiet in the next week or two with abundant supply.
[su_quote]“Ferro Manganese prices remain unchanged with balance in demand-supply fundamentals. Although, demand is returning into the market, I am not expecting the market to undergo any significant changes,” stated a producer from Raipur.[/su_quote]
Export Market
Indian Ferro Manganese export offers remained flat this week with most international buyers not inquiring for the material. Export offers are unchanged for HC Ferro Manganese 70% min at around USD 960/MT FoB India (East Coast), and 75% min is being offered at around USD 1,025/MT, FoB India (East Coast). Deals and offers were sparse in the export market this week because participants were not immediately seeking material.
Market watchers believe that prices would remain at these levels over the next two weeks. There is a re-emergence of buying activity but this may not render any significant support to spot prices.
Exchange Rate: USD 1=INR 60.09
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