HC Ferro Manganese price declined as buying interest is visibly low. Currently grade 70% min is being traded at INR 56,500/MT (Ex-Raipur) and INR 57,500/MT (Ex-Durgapur). Market sources said buyers were not interested about sourcing material and the market has been continuously pressured by lower deals for months.

A Raipur based producer stated, “The market is under pressure so producers had to lower their offers. The reduction was in line with market expectations.”

Export Market

High Carbon Ferro Manganese prices in the export market were unchanged on low trade activity and soft market sentiment. Export offers for grade 70% min is around USD 930/MT FoB India (East Coast) and 75% min is being offered at around USD 1,020/MT FoB India. In the export market there is some confusion as there is talk of incentive on Ferro manganese exports to be scrapped.

Exchange Rate: USD 1= INR 60.77

• [Editor:Sophie]