India high carbon ferromanganese 70%min offers remain quiet with activity at low level W-o-W and mainstream prices are confirmed at around INR 56,500-57,000/MT (ex-Raipur) and INR58,000/MT(ex-Durgapur). Buying interest continues to weaken as the steel market in India is suffering through a period of sustained weakening. Demand is not good at the moment and I expect the market to rebound after the Diwali vacation, stated a Raipur based producer.

Exports Market

Market participants are unoptimistic about market trend. Export offers for high carbon ferromanganese 70% min is around USD930/MT Fob India (East Coast) and 75% min is being offered at around USD1,000/MT Fob India.

On the future outlook, market participants think current price range of HC Ferromanganese might not fall as expected, because there are few producers with limited capacity as many other producers have switched to produce other manganese alloys.

Exchange Rate:USD 1=INR 61.54

• [Editor:Sophie]