Indian Ferro Manganese Prices Influenced by Malaysian Imports
Indian Ferro Manganese prices fell consecutively, for the last two weeks due to low demand in the domestic market. Producers are wary of prices falling further in the market.
SteelMint learned from sources that if the prices continue to fall further, they may suffer losses due to this many producers have already stopped their Ferro Manganese production.
Indian Ferro Manganese prices are being deeply affected by high grade Malaysian Ferro Manganese imports. Imports of HC 75% grade were concluded in the range of USD 1040 - 1060/MT, which is equivalent to the HC 70% offers for domestic prices in India. The Malaysian plants have low power tariffs as compared to India which enables them to produce high grade material at much lower cost.
Ferro Manganese prices were lowered down to INR 73,000- 74,000/MT Ex-Durgapur and INR 73,000/MT Ex-Raipur. Export prices also decreased 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 FoB India.
On the future Outlook, if the prices continue to fall in the market at the present rate, producers may suffer loses and will hold production till the market regains stability. However, producers are still optimistic and believe that the prices may not fall further and will stay at the present offer levels.
source: SteelMint
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