The ferro manganese market had a quiet start to the week with limited trade and production of the alloy, leaving prices unchanged.
In the domestic market ferro manganese 70% min is being offered at around INR 48,000/MT (Ex-Durgapur) and INR 49,000/MT (Ex-Raipur).
The lack of interest was not surprising given the lack of end-user demand from steel mills. “Domestic demand is quite weak in the market now, and there has been no such purchases heard this week” stated a Raipur based producer.
Ferro Manganese Export Offers Finds No Support in Silent Market
Export offer prices for ferro manganese remain unchanged this week, but have met with no buying as offers and bids maintained a wide price gap.
Current offers for ferro manganese 70% min stands at around USD 760/MT FoB India (East Coast) and 75% min. is around USD 800/MT FoB India.
“Demand from consumers is missing, price rise was cost driven and not demand driven,” one broker from Kolkata remarked. Others agreed it was difficult to find interested buyers even with lower prices.
SteelMint assessed that the ferro manganese market is likely to remain quiet for few weeks as buyers were reluctant to commit and have retreated to the sidelines
Exchange Rate: USD 1= INR 66.9
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