High Carbon Ferro manganese market remains subdued M-o-M, after participants showing a lack of buying interest preferring to postpone any major purchasing decision.
According to sources, weak end-users demand has forced low prices on Indian HC Ferromanganese producers; hence quotations and deals have come down. Currently, 70% min grade is being traded at INR 52,000/MT (ex-Raipur) and INR 53,000/MT (ex-Durgapur).
A Kolkata based producer remarked, “Demand is very sluggish and buying interest very low. There is no reason for prices to rebound considering weak steel market.”
Export Market
In the export market, prices were down further amid thin trading and stymied end-user demand. Although, buyers are absent during the seasonal holidays, the price quoted by the Indian producers are in the range of USD 820-830 /MT, FoB India (East Coast) and 75% min at around USD 920/MT, FoB India (East Coast).
“There is very little buying interest and prices continue to slide as suppliers cut offers aggressively to secure consumer demand,” stated a trader from India.
According to market participants, this is the first time in several years that prices have continued to come down during this period of the year and expressed fear that prices could decline further in the weeks ahead if there were no strong demand to reverse the current weak trend.
Exchange Rate : USD 1 = INR 63.24
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