India: Ferro Manganese Offers Remain Stable on Limited Market Activity

Indian Ferro Manganese prices witness stability as buyers are unwilling to accept higher offers.

Ferro Manganese producers had raised their offers earlier but later reversed the same on its non-acceptance.

The market has been soft during the year-end as the participants bump into cash-crunch. Hence, the producers are aggressively trying to realize their commodity even at lower prices.

SteelMint assessed Ferro Manganese offers at INR 80,000/MT (Ex-Durgapur) and (Ex-Raipur).

Demand from overseas remains moderate while the European market is not accepting higher offers as well.

"Europe generally engages in the quarterly contract which has been set at low prices and no buyers are willing to pay beyond the same," said a producer source referring to the low realization rate in Europe.

Export offers for Ferro Manganese have assessed at USD 1,250/MT FOB India for 75% grade and USD 1,200/MT FOB India for 70% grade.

On the future outlook, Ferro Manganese offers are expected to remain stable but a cash-crunch scenario may drive down its prices further.