On May 11, SteelOrbis reported offer prices for Indian domestic ferromanganese down at INR 73,000-74,000/mt ($1,082-1,097/mt) ex-warehouse.
Market sources inform SteelOrbis that “prices seemed to have bottomed in mid-May at around INR 71,000/mt ($1,047/mt) ex-warehouse and may now be gaining upward momentum.” Offer prices are reportedly back at INR 73,000-73,500/mt ($1,068-1,076/mt) ex-warehouse. Due to currency fluctuation, prices in dollar terms decreased $14/mt from the bottom of the May 11 range and $21/mt from the top of the same range.
USD= INR 67.44 (May 11)
USD= INR 67.81 (May 17)
USD= INR 68.30 (May 24)