Ferro manganese market continued to remain under pressure as prices continued to fall but met no buyers.
Ferro manganese prices edged down as market participants said that sellers were willing to fall offers owing to low end-user demand. Currently, 70% min grade is being offered at INR 49,500-50,000/MT (ex-Raipur) and INR 51,000-51,500/MT (ex-Durgapur). The market has been quiet for some time, with low prices and slack demand as trading remains constrained.
A Raipur based producer said, “Prices were falling because there was no activity in the market. The lack of sales activity is making sellers uncomfortable and leading to price correction.”
Export Market
Silico manganese export prices were under continued pressure as buyers remained reluctant to purchase. Export offer for HC Ferro manganese 70% min is around USD 825/MT, FoB India (East Coast) and 75% min is around USD 920/MT, FoB India.
A producer source from Kolkata stated, “I don’t think the export market will improve soon. I don’t yet see any positive signs.”
In outlook, SteelMint assessed that demand was not strong enough to support any price increase. Sellers are experiencing a sluggish market for long and hence prices are to remain under pressure.
Exchange Rate : USD 1 = INR 61.40
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