Ferro manganese prices weekend amid thin trade this week, as buyers sought material at lower price level.
In the domestic market HC Ferro Manganese prices saw a downtrend on persistent soft buying. SteelMint assessed ferro manganese 70% being offered at INR 51,000/MT (Ex-Durgapur) and INR 54,000/MT (Ex-Raipur).
“There is very little buying interest and prices continue to slide as suppliers cut offers aggressively to secure consumer demand,” stated a producer source from West Bengal.
Export Market Trade Remains Quiet
Export market remains dormant as demand for Indian origin High Carbon Ferro Manganese remains very low.
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. No deals could be confirmed this week in the export market as buyers were not interested in buying at this price level.
A producer source from Kolkata stated, “We are waiting for the export market to improve soon. However, I don’t yet see any positive signs.”
SteelMint assessed that HC Ferro Manganese market to remain quiet as buyers were reluctant to commit and are trying to pressure prices lower.
Exchange Rate: USD 1 = INR 66.5
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