Indian Ferro Manganese prices retreated further as MOIL reduces its ore’s prices for the remainder of Q1 (Apr-Jun).
MOIL has reduced the prices of various grade of Manganese Ore by 15% owing to the fall in global Manganese Ore prices.
“We are finding it very difficult to conclude deals even when prices are on downward trend,” said a source referring to the limited market activity.
Another source mentioned that the demand for the commodity has almost evaporated from the market and inquiries are lower than the expectation.
SteelMint assessed Ferro Manganese offers at INR 76,000/MT (Ex-Durgapur) and (Ex-Raipur).
Though the productivity of Ferro Manganese is limited but the current demand has failed to retrieve higher prices.
“The overseas market remains flat as well as there are no inquiries from the European market,” said an exported expressing his concern. He further mentioned that the demand from the Middle-East is not strong enough to support the export prices.
Export offers are assessed at USD 1,070/MT FOB India for 70% grade and USD 1,170/MT FOB India for 75% grade.
On the future outlook, market participants reflected mixed views with most of them expecting a further downward correction in Ferro Manganese price while others saw no further scope of a downward movement in prices.
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