High Carbon Ferro Manganese market is experiencing tightness in supply as there is increased pressure of bulk orders.
HC Ferro Manganese prices remains firm as demand continues to rise. Current prices of HC Ferro Manganese in Raipur are settled around INR 58,000/MT (70% Mn) and INR 62,000/MT (75% Mn). Currently in Durgapur, prices for Ferro Manganese are around INR 57,000-58,000/MT (70% Mn). Most market sources attribute to shortage of material because of the existing contracts.
[su_quote]“Demand in the domestic market is very lucrative and so market is seeing a supply crunch. Also, SAIL is floating a tender of 24,000-25,000 MT which is set to open next week”, reported a Raipur based trader.[/su_quote]
Export Market
The export market witnessed resilient demand from end user. Prices are firm at the export market as good demand was reported from Iran, Asian & European countries. Export offers for HC Ferro Manganese 70% min is around USD 930/MT FoB India (East Coast), and HC Ferro Manganese 75% min is being offered at around USD 1,010/MT FoB India. Indian producers have expressed unwillingness to lower offers in light of tightening supply.
[su_quote]A trader from India reported, “The export market looks positive and we are getting good inquires.”[/su_quote]
SteelMint assessed that price for HC Ferro Manganese to remain static at this level and shortage of supply to continue in the market. Market sources are predicting that export market to be more bullish by next month.
Exchange Rate: USD 1= INR 62.07
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