Ferro manganese started the weak on a softer note on persistently reduced demand.
On sluggish end-user demand Ferro Manganese market remains dull. SteelMint assessed ferro manganese 70% being offered at INR 50,000/MT (Ex-Durgapur) and INR 49,000/MT (Ex-Raipur).
“There is very little buying interest and prices continue to slide as suppliers cut offers aggressively to secure consumer demand,” remarked a producer source from Raipur..
Ferro manganese market saw a feeble start to the trading week and buyers held off purchases in anticipation of further price falls.
SAIL has issued a ferro manganese tender for a quantity of 16,500 MT to be delivered during May-Aug’16. Due date of submission of bids and the techno-commercial opening date is 12 May’16. Market participants are awaiting its results as it will provide some direction to the Ferro Manganese market.
Ferro Manganese Export Prices Drop on Lower Sales
Ferro manganese export prices are under continued pressure as buyers remained reluctant to purchase.
Indian producers reported that it is very hard to trade as demand is so very low. “Producers are trying to lower their prices so as to entice buying; but even so it is still difficult to stimulate downstream demand,” stated a producer from Kolkata.
Ferro Manganese grade 70% min. is being offered at around USD 750/MT FoB India (East Coast), and 75% min. is being offered at around USD 820/MT FoB India.
Market participants expressed fear that prices could drop further in the weeks ahead if there were no strong demand to reverse the current weak trend.
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