High Carbon Ferro Manganese prices remain unchanged on constant demand. Market sources were not very positive over the outlook as market is facing a supply glut.
In Raipur, Ferro Manganese is being traded at around INR 56,500/MT (70% Mn) and INR 61,000/MT (75% Mn). Currently in Durgapur, prices for Ferro Manganese are at around INR 57,500- 58,000/MT (70% Mn). Reportedly, there is surplus material available in the market for which prices remain unchanged.
[su_quote]“It’s hard to say if Ferro Manganese prices can rise anytime soon as there is over supply of the material,” stated a Raipur based producer.[/su_quote]
Export Market
Indian origin HC Ferro Manganese prices remained flat this week, as the export market is witnessing fewer inquiries from buyers. 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; unchanged W-o-W.
[su_quote]A trader based in India remarked, “I don’t think the export market will improve soon. I don’t yet see any positive signs.”[/su_quote]
SteelMint assessed that HC Ferro Manganese market to remain quiet till month end as buyers were reluctant to commit amid unclear market direction. Most market participants hold a wait-and-watch notion and are awaiting clearer market direction.
Exchange Rate: USD 1= INR 61.06
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