India: Ferro Manganese Prices Slip Amid Limited Demand

Ferro Manganese market remains under pressure despite strong domestic steel fundamentals.

"There are a limited number of inquiries but deals are satisfactory as we still have Manganese Ore stocked that was procured at lower rates," said a producer referring to low but constant demand. The market is currently in a downtrend, he added further.

A slip in low-grade Manganese Ore prices has encouraged the buyers to negotiate on lower offers while sellers are also observed to accept the same. A source referred to a situation of demand-supply balance in the market.

"I was certain that post fiscal year-end the demand will return," said a source expressing concern on the slow market but was satisfied with his current deals.

SteelMint assessed Ferro Manganese offers at INR 79,000/MT (Ex-Durgapur) and (Ex-Raipur).

Export offers also witnessed a downtrend despite the producers receiving constant inquiries from Iran recently. SteelMint assessed the export offers at USD 1200/MT FOB India for 70% grade and USD 1270/MT FOB India for 75% grade.

On the future outlook, market participants expect the Ferro Manganese price to move down further while hoping for the same can hold at current levels.