Indian Ferro Manganese Exports to Middle-East Continues to Rise in 2018
According to Indian customs, Ferro Manganese exports from India increased by 36% Y-o-Y in the period of Jan-Jul’18 against the corresponding period of the previous year.
In 2018 (Jan-Jul), the Ferro Manganese export by India stood to 153,657 MT against 112,627 MT in the similar period of 2017, hence, recording an increase of 36% Y-o-Y.
UAE was the largest importer of Indian Ferro Manganese at 41,735 MT in 2018 (Jan-Jul), recording a substantial increase of 21% Y-o-Y followed by South Korea, Iran, and Indonesia among others. It is to be noted that almost all of the Ferro Alloys exported from India to UAE is actually routed to Iran. In 2017, UAE was the largest importer as well with imports of 34,577 MT during the corresponding period. However, in 2018 (Jan-Jul), South Korea emerged as one of the prominent buyers of India Ferro Manganese.
Moreover, with Iran taking big strides towards rapid growth in steel production, demand for Indian Ferro Manganese has been on a rising trend. Iran plans to double its capacity to 55 MnT by 2025. Iran through direct imports has also witnessed a massive rise in Ferro Manganese imports in 2018 (Jan-Jul) by 50% Y-o-Y.
Europe in accordance to comply with the US sanction has stopped trade with Iran, which further prompted Iran to increase its dependency on India to fulfill their Ferro Manganese requirement.
source: SteelMint
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