HC ferro manganese market remained quiet as prices are under pressure amid a dearth of buying interest.
In the domestic market ferro manganese prices are down as supply glut and slack demand combined to pull down tradable levels. Sources continue to cite sluggish steel fundamentals stopping buying interest and hence ferro alloy market is weakening. Looking at the market condition a producer from Raipur stated, “Demand is so bad that producers are compelled to reduce their offers just to induce some buying to reduce stocks.”
Current price for ferro manganese 70% min is INR 41,000/MT (Ex-Raipur) and INR 41,500/MT (Ex-Durgapur).
Export Offers Unchanged on Lackluster Demand
Ferro manganese export offers are unchanged W-0-W amid slack buying appetite.
Export offers for HC ferro manganese 70% min. is at around USD 640/MT FoB India (East-coast) and 75% min is being offered at around USD 680 /MT FoB India.
“Ferro manganese consumption keeps going down, and there is no reason for it to go up. Demand is coming down day by day. There is no better day in the foreseeable future,” remarked a producer from India.
In view of ailing steel market SteelMint assessed that the future outlook for ferro manganese is not positive.
Exchange Rate: USD 1 = INR 65.4
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