India: Ferro manganese Prices struggle due to Malaysian Imports
Indian Ferro Manganese prices fell in Durgapur by another INR1000/MT amid low demand. Producers are wary of prices falling further in the market.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 1030 - 1050/MT, which is equivalent to the HC 70% offers for domestic prices in India. SteelMint learned from sources that due to the continuous fall in prices many producers have already stopped their Ferro Manganese production. Therefore, the production is also at lower levels. Producers are in a wait and watch mode and are waiting for the prices to gear up in the market, until then they have to continue with the shut down. Also, many producers are looking towards the export market for demand.
Market participants reported that presently the market is more inclined towards the buyers, and the buyers are demanding material at much lower cost. Ferro Manganese prices were lowered down to INR 72,000/MT Ex-Durgapur and Ex-Raipur. Export prices were however high as compared to previous week. Export quality HC70% is being offered at USD1030/MT FOB India and HC 75% is offered at USD 1120/MT FOB India.
On the future Outlook, the market is quite unpredictable. However, producers are still optimistic and believe that the prices may not fall further and will stay at the present levels.
source: SteelMint
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