Trades for ferro manganese remained thin with persistent weak demand. Their are very few buyers of Ferro Manganese in the market.
Prices of ferro manganese softened in the domestic market on sapping end-user demand. SteelMint assessed ferro manganese 70% being offered at INR 51,000/MT (Ex-Durgapur) and INR 53,000/MT (Ex-Raipur).
“Sentiment in the market is down as domestic ferro manganese prices are in a downtrend,” reported a producer from Kolkata. Producers of Manganese Alloys are mostly concentrating on producing Silico Manganese, as they are in a hurry to fulfill their existing orders, now that prices are falling and they want to avoid cancellation of order or revision in prices. Market participants believe price fall could be steeper in the Silico Manganese market in comparison with Ferro Manganese.
Weak Trading Continues in the Ferro Manganese Export Market
Ferro manganese export prices were unchanged, altough expectations of lower price levels in the export market weighed on the market.
SteelMint learned from market sources that export offers for 70% min. is at around USD 800/MT FoB India (East Coast), and 75% min. is being offered at around USD 840/MT FoB India. Demand in the export market remains persistently weak on lack of enquires from buyers.
“There is uncertainty in the export market and it is extremely tough to find willing buyers because they are either hesitating at the side or giving us extremely low bids,” remarked a producer from Kolkata.
Market sources said market condition are unlikely to improve, while conceding the impact would be mostly negative in the short term.
Exchange Rate: USD 1 = INR 66.5
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