Ferro Manganese market continues to remain timid as producers and traderscontinue to lament on low deals.

On sluggish end-user demand, HC Ferro Manganese market remains dull.Currently, 70% min grade is being traded at INR 57,000/MT (ex-Raipur). InDurgapur, producers in order to liquidate their inventory are trading at INR57,500/MT, as there is low demand from domestic and export market. Also,producers reported of some power shortage in the region. Reportedly, manycompanies are switching to produce Silico Manganese to increase potentialrevenue from sales, as they expect a better market for Silico Manganese inthe coming days.

Export Market

Overseas demand for Indian origin HC Ferro Manganese is low, with few spotdeals concluded in the past month. Export offers for HC Ferro Manganese 70%min remain stable at around USD 930/MT FoB India (East Coast). Whereas, 75%min grade is being offered at around USD 1,000/MT FoB India.A deal of around 60 MT was heard to be concluded for Korea at USD 950/MT CIF

Korea.

SteelMint assessed that there is low assurance in Ferro Manganese market asdemand has not picked up and there is little possibility of any price riseuntil demand from domestic and export market returns.

 Exchange Rate: USD 1=INR 60.48

• [Editor:Sophie]