High Carbon Ferro manganese market ticked lower after weak steel market discouraged buyers.
HC Ferro manganese prices fell as mills resisted from buying material. In Raipur and Durgapur, currently 70% Mn grade is being offered at INR 56,000/MT. There is a bearish sentiment in the market and most market participants hold a wait-and-watch notion, as steel market in India is going through a period of sustained weakening. Hopes of a seasonal rise in prices with the start of October have been extinguished.
“The market is getting to quite difficult levels. There has been a sharp correction in prices,” reported a producer from Durgapur.
Export Market
In the export market, HC Ferro manganese prices fall sharply and 70% min is being offered at around USD 910 /MT FoB India (East Coast) and 75% min at around USD 990/MT FoB India (East Coast). Ferro manganese export offers slid with lackluster demand from the overseas market and finding support in the depreciated Rupee against USD.
A trader from India stated, “I believe that even in the next month, buying activity won’t pick up much from the mills simply because steel is faring poorly and market confidence is weak.”
In outlook, sell-side sources reported difficulties making deals, as buy-side participants have retreated to sidelines expecting further decline in downstream steel prices.
Exchange Rate : USD 1 = INR 61.86
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