Ferro Manganese market witnessed little change during the 3rd week of August, as prices have been unchanged for the past one month.
High Carbon Ferro Manganese market has been quiet this week with very few transactions. Traders indicated that prices remain stable and slow as-usual demand from end users. Current offer for 70 % Mn is settled at INR 57,000/MT (ex-Raipur) and INR 58,500/MT (ex-Durgapur).
Steel mills are gradually increasing their purchases in anticipation of a robust market post monsoon. But, the focus of attention is on Silico Manganese, as most end-users prefer to use Silico Manganese over Ferro Manganese. Also, no new tenders were concluded this week.
Export Market
The export market for Indian origin HC Ferro Manganese has continued to be flat. Export offer for 70% min grade is at around USD 930/MT FoB India (East Coast), and 75% min is offered at USD 1,000/MT FoB India. Prices have held steady and shown no signs of improvement.
With consistency of prices over summer months, from where it falls traditionally, indicates with better demand, and a steady rise in prices can be expected over the rest of the year.
Exchange Rate: USD 1=INR 60.52
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