India: Ferro Manganese Prices Stable on Unchanged Demand/Supply Ratio

Ferro Manganese prices remain unchanged amid limited availability, and balanced with low demand from end-users in the domestic market.

SteelMint assessed the current price for Ferro Manganese grade 70% min for both Raipur and Durgapur is around INR 75,000/MT.

Domestic demand for ferro manganese remains low with prices remaining unchanged this week. Indian producers reported that they cannot reduce prices to garner greater buying interest as there is a hike in high grade Manganese Ore offers, along with scarcity of the same in India. Due to lacklustre demand, and high grade Manganese Ore available at a higher price, it is expected that Producers of Ferro Manganese will cut production levels further, to balance demand and supply fundamentals.

Ferro manganese export market is timid with no keen buying interest from overseas players. However, in line with domestic market the export offers are also kept unchanged at USD 1,090/MT for 70% grade and USD 1,140/MT for 75% grade FOB India.

There is a bearish sentiment in the market, and most market participants hold a wait-and-watch notion, which could pull down prices.