High Carbon Ferro Manganese prices marginally slipped on lower trade volumes and offers.
High Carbon (HC) Ferro Manganese prices softened this week on poor demand. Current price in Raipur has settled at INR 57,500/MT (70% Mn). In Durgapur, it is being offered at INR 59,000/MT (70% Mn). Prices moved lower on weak buying from end-users, as market sources reported that the market was sluggish this week.
[su_quote]“Domestic demand is quite weak in the market now, and there has been no such purchases heard this week,” stated a Raipur based producer.[/su_quote]
Export Market
Export market remains dormant as demand for Indian origin HC Ferro Manganese remains low. Export offers for 70% min stand at around USD 930/MT FoB India (East Coast) and 75% min is being offered at around USD 1,000/MT FoB India. Prices in the export market were down owing to slack activity and weakening market sentiment.
On the outlook, it is to be seen whether there is scope for any further correction in prices, as demand has decreased for Indian HC Ferro Manganese in the domestic as well as the overseas market. SteelMint assessed that market will remain quiet for few weeks, as buyers were reluctant to commit and have retreated to the sidelines.
Exchange Rate: USD 1= INR 61.09
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