HC Ferro Manganese prices showed no signs of recovering as lower trades and a pullback in buying positions pointed to lack of confidence in the market.

HC Ferro Manganese prices continue to remain at the same level owing to dampened demand. Current prices for 70% grade are settled at INR 56,500/MT (ex-Raipur) and INR 57,500/MT (ex-Durgapur). The market has been quiet for some time with low prices and slack demand trading remains constrained. Along with this, there is excess supply in the market for which prices are at a low level.

A Raipur based producer stated, “There isn’t any buying now as the general market expectation is that prices will go down. Buyers are in a wait & watch condition now.”

Export Market

Export offers are unchanged for 70% min at around USD 930/MT FoB India (East Coast) and 75% min is being offered at around USD 1,020/MT FoB India (East Coast). Demand is low at the price levels offered by the producers with little or no deals concluded this week.

“There is uncertainty in the export market and it is extremely tough to find willing buyers because they are either hesitating at the side or giving us extremely low bids,” remarked a producer from India.

SteelMint assessed that Ferro Manganese prices are under pressure as the market is oversupplied with material along with low demand.

 Exchange Rate: USD 1= INR 60.78

• [Editor:Sophie]