Indian sellers of ferro manganese continue to lower prices, having met with limited demand.
Demand for HC ferro manganese remains weak, and prices are being weighed down as a result. Sources speculate that prices may continue to drop in the near-term, as there is plenty of unsold material with the producers of ferro manganese.
“People don’t want to buy at any price. Most people on the sell and buyside are just waiting to see if the worst is over,” remarked a producer from Raipur.
Prices showed no signs of recovering as lower trades and a pullback in buying positions indicated a lack of confidence, exacerbated by falling steel prices. Currently, grade 70% min is being offered at INR 44,000-44,500 /MT (Ex- Durgapur & Raipur). However, some deals were also concluded at 43,000/MT for larger quantities and favorable payment terms.
Export Market
HC ferro manganese 75% min is being offered at around USD 680-690/MT FoB East Coast India. SteelMint learned from sources that trade activity has been rare in the ferro manganese market in recent weeks.
“The market is getting weaker every week and we are getting lesser enquiries from buyers in India and abroad,” remarked a producer source from Kolkata.
SteelMint assessed that end-user demand is at a low level balanced by low production.
Exchange Rate: USD 1 = INR 66.3
Leave a Reply