International market for Ferro Alloys remain sluggish. Silico Manganese 60/14 was heard being quoted at $950-980/MT (FOB Vizag). Whereas, 65/16 was quoted at $1080-1090/MT. But no deals were heard being concluded at these levels.
Ferro Manganese HC 75% was heard being quoted at $ 1025-1035/MT and reference price of HC 70% was $950/MT (FOB Vizag/Haldia).
“Buying interest is very low. There is hardly any enquiry from Europe. No big deals are being heard. But we are not willing to cut offers below $1100/MT for Silico Manganese as raw material cost stays high. We are willing to hold stocks rather than selling at loss”, said a top official from a manufacturing & export company for Manganese Alloys in Durgapur.
“MOIL's Manganese ore prices are expected to be rolled over in August & no correction in prices is seen in the near term. Imported manganese ore pieces are also high. Higher power tariffs have already hiked the production cost. So, further downside is not seen. It's a wait and watch situation for us”, he added further.
Speaking about the buying interest in Europe, he said, “Activities should improve by the end of August or early September when European buyers are back to the market. Stock at Rotterdam port is also low. So, prices should improve as soon as enquires pick up.”
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