Amid several weeks of low buying activity experienced by HC Ferromanganese producers, mainstream prices are stable. Current prices for 70% grade are settled at INR56,500-57,000/MT(ex-Raipur) and INR 58,000/MT (ex-Durgapur). For producers in Durgapur, where power shortage is more severe, mainstream prices are now firm, but participants confirmed few producers are still open to bids at the lower price range, especially for advance payments.

A trader souce from Raipur remarked,” There is lack of demand for ferromanganese and the market will not accept any price rise.”

Export Market

India origin HC Ferromanganese demand in the export market remains persistently weak on lack of enquires from buyers. Export offers for 70% min is around USD930/MT FOB Inida (East Coast) and 75% min is being offered at around USD1,000/MT FOB Inida. Curerntly, demand from Middle East countries was muted owing to Eid celebration.

On the future outlook, most market participants predict ferromanganese offers will remain at this level till month-end.

• [Editor:Sophie]