Indian Ferro Manganese has witnessed a persistent lack of demand, hence Indian Ferro Manganese producers have decided to lower the offer price.
There has been a constant deterioration in demand of Ferro Manganese and uncertainty has been observed within the buyers as bearish sentiment runs through the market. “Buyers are showing reluctance in making any purchase as prices may go down further” said a producer. This reflects the concern of the producers as their revenue margins are diminishing and very few are producing Ferro Manganese at the moment.
Currently the prices of Ferro Manganese are at around INR 67,000 (Ex-Raipur) and INR 66,000 (Ex-Durgapur).
Recently, downward correction of Manganese Ore prices by MOIL has exerted more pressure on Ferro Manganese in the process. Demand from China, being the determining factor for Manganese Ore offers, have softened drastically.
The export prices remains unchanged as there has been no inquiry for Indian Ferro Manganese from overseas. The Indian producers have stemmed their prices at USD 1100/MT FOB India for Ferro Manganese grade 70% and USD 1160/MT FOB for grade 75%.
The short-term expectation is for prices to remain under pressure and further downward price movement is still possible, on the back of low demand for Ferro Manganese and tumbling Manganese Ore prices worldwide.
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