High Carbon Ferro Manganese prices moved lower on weak buying from end-users. Market sources reported that the Ferro Manganese market was sluggish this week.
High Carbon Ferro Manganese prices softened this week on poor demand. In Raipur, Ferro Manganese is being traded at around INR 56,500 (70% Mn) and INR 61,000/MT (75% Mn). Currently in Durgapur, prices for Ferro Manganese stand at INR 57,500/MT (70% Mn).
[su_quote]“I think the market would not continue on this trend as bulk orders from SAIL would be coming up soon,” remarked a producer from Raipur.[/su_quote]
In the recently realized offers for the next quarter, MOIL is offering around 80,000 MT of Manganese ore (Ferro Manganese grade) as compared to the last quarter where they had offered 100,000 MT which is not of a big difference. However, looking at the reduced prices of imported Manganese ore, they have decided to slash prices of Manganese ore (Ferro Manganese grade).
Export Market
High Carbon Ferro Manganese prices in the export market were down on slack activity and weakening market sentiment. Export offers for HC Ferro Manganese 70% min is around USD 940/MT FoB India (East Coast) and 75% min is being offered at around USD 1,030/MT FoB India. Earlier, Indian producers had raised prices, but looking at market condition they had to lower the prices.
[su_quote]A trader from India stated, “This week the export market is under pressure so Indian producers had to lower their offers. The reduction was in line with market expectations.”[/su_quote]
On the future outlook, it is to be seen what direction the market takes as demand has decreased for Indian HC Ferro Manganese in the domestic as well as the overseas market. Though in the domestic market, price gain can happen as there are bulk orders soon to be fulfilled. Market sources are hoping that prices would increase in the month of May, which could result in shortage of material.
Exchange Rate: USD 1= INR 60.17
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