Domestic High Carbon Ferro Manganese market situation was generally bright this week, as sellers witness better demand.

Indian High Carbon Ferro Manganese market demand increases marginally which leads to stability in prices. Current prices of High Carbon (HC) Ferro Manganese in Raipur are INR 56,000 (70% Mn) and INR 60,500(75% Mn). In Durgapur, HC Ferro Manganese is being offered at INR 56,500. A trader looking at market condition said “There doesn’t seem to be any clear direction except for it remaining stable for now”.

Export Market

Export market remains dormant as demand for Indian origin High Carbon Ferro Manganese remains low. Export offers for HC Ferro Manganese 70% min. is being offered around USD 880-890 /MT FOB India (East-coast), and HC Ferro Manganese 75% min. is being offered at USD 950 /MT, FOB India (East-coast). Market sources believe that prices would remain at these levels over the next few weeks as market is witnessing fewer inquiries from buyers.

SteelMint learnt from market sources that demand for High Carbon Ferro Manganese should increase in the near future as market players expect reasonable demand from companies like JSPL and SAIL. It is to be seen whether this has an effect on the offer prices as in the current market scenario most end users prefer Silico Manganese over Ferro Manganese.

Exchange Rate : 1 USD= INR 62.59