Indian Ferro Manganese Offers Rises amid Higher Ore Prices
Indian Ferro Manganese prices raises for the first time in CY19. The prices have seen a long trend of decline until this week. Prices in Durgapur increased by INR 1000/MT and for Raipur the prices increased by INR 500/MT.
SteelMint learned from market sources that the rising Manganese Ore prices is one of the major reasons for increasing offer prices, as the supply demand dynamics are constant. Increased Ore prices have compelled the producers to raise their offers. Prices are however, likely to remain firm as there are very few producers of Ferro Manganese and most of them are already supplying to SAIL.
Ferro Manganese prices for Ex-Durgapur increased to INR 75,000/MT and Ex-Raipur increased to INR 74,000/MT. Export prices also increased by USD 10/MT for both HC70% and HC75%. Export quality HC70% is being offered at USD1040/MT and HC 75% is offered at USD 1120/MT.
Meanwhile, SteelMint assessed that the supply and demand is estimated to remain low but constant in the near future. And therefore, the future price movement is likely to depend entirely over the Manganese Ore price trend.
source: SteelMint
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