India: Ferro Manganese Prices Slip in Quiet Market

Ferro Manganese offers were lowered as market witnessed limited trades.

Earlier, Ferro Manganese producers had raised their offers prompted by MOIL's Manganese Ore price revision, but have now been forced to lower the same as trading activity totally dried up.

"The offers for Ferro Manganese were brought down as buyers were reluctant to pay high prices," said a producer source justifying the reason for lowering the prices.

Another source revealed that some of the sellers are also holding their inventory in an expectation of a rise in the commodity's price in near term.

SteelMint assessed Ferro Manganese offers at INR 76,000/MT (Ex-Raipur) and (Ex-Durgapur). However, SteelMint learned from market sources that few deals have also been concluded at lower levels.

Overseas market has been quiet as well but export offers were kept unchanged at USD 1175/MT FOB India for 70% grade and USD 1250/MT FOB India for 75% grade.

On the future outlook, the Ferro Manganese offers are expected to remain stable but market participants predict a rise in near term, as soon as demand returns for the commodity.