India: Ferro Manganese Prices Holds Despite Fall In Manganese Ore Offers

Ferro Manganese prices are under pressure considering moderate demand and fall in ore prices.

Demand for Ferro Manganese in India remains low but constant, however, the supply of the Alloy has increased as many producers that had earlier opted out of producing Ferro manganese have restarted Ferro Manganese production.

"Inquiries for the commodity remain constant but a fall in Manganese Ore prices has exerted pressure on us to reduce offers," said a producer source.

Another source mentioned that the present phenomenon is not exceptional but a result of normal market mechanism and has found equilibrium.

SteelMint assessed Ferro Manganese offers at INR 70,000/MT (Ex-Durgapur) and (Ex-Raipur).

The overseas market also reflected a similar trend wherein demand from Europe and Middle-East countries has been moderate.

Export offers also remained unchanged at USD 1075/MT FOB India for 70% grade and USD 1125/MT FOB India for 75% grade.

Market sources stated that Ferro Manganese prices are expected to maintain stability, with a scope of a slight correction in the coming days.