On February 2, SteelOrbis reported offer prices for Indian domestic ferromanganese at INR 72,200-72,600/mt ($1,125-1,131/mt) ex-warehouse.
Sources inform SteelOrbis that prices remained rangebound through February and began to trend up since early March and are now reportedly at INR 76,000-76,500/mt ($1,169-1,177/mt) ex-warehouse.
The new price range increased $44/mt from the bottom of the previous range and $46/mt from the top of the same range. While the offers increased INR 3,800-3,900/mt ($58-60/mt), the increase in dollar terms was dampened due to loss of ground of the INR against the dollar. The price increase is attributed to strong global manganese ore prices.
USD= INR 64.17 (Feb 2)
USD= INR 65.01 (Mar 16)