Indian Ferro Manganese (FeMn) prices remain firm amid low production and high prices of manganese ore in domestic market. However low demand keeps a check on HC Ferro Manganese prices.
Buying interest in the seaborne Ferro Manganese market was very thin as the trading week opened, waning market confidence. Market participants reported that the Ferro Manganese market is witnessing fewer inquiries from buyers because of Indian festival ‘Diwali’ and so prices remain stable.
Current prices of HC Ferro Manganese in Raipur stand at INR 55,000 (70% Mn) and INR 60,000 (75% Mn). In Durgapur, HC Ferro Manganese is being offered at INR 56,500/MT on ex-works basis. A senior official from a major Ferro Manganese producing Company remarked ” We are witnessing fewer inquires contrary to general trend of post diwali buying”. Ferro Manganese producers are also facing margin pressure as MOIL has hiked prices by 5-10% across all product offerings for the October-December (Quarter-3).
In the export market, Indian producers have decided to keep the prices firm as the Indian Rupee is weakening. Currently the export market for HC Ferro Manganese remains dormant. Export offers for HC Ferro Manganese 70% min. stand at around USD 875 /MT, FOB India (East-coast), and HC Ferro Manganese 75% min. stand at around USD 975 /MT, FOB India (East-coast).
Market sources are of the view that the price should have risen for Ferro Manganese with the opening of the trade week. SteelMint assessed due to bearish sentiment prevailing over the steel market Ferro Manganese prices are expected to remain checked in the near future.
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