India: Imported manganese ore cargo arrivals recover w-o-w

India's manganese ore import shipments (Mn37%, Mn44%, and Mn46%) increased exponentially by 189% w-o-w, according to vessel data provided by SteelMint. Shipments were recorded at 176,925 t during 8-14 November, 2023 compared to 61,120 t in the previous week.

Volumes increased mostly from Gabonese grade which was Mn grade 44% as a result of low prices in the past 2-3 weeks which led to an increase in the procuring of the material by manganese alloy producers from India.

Also, there was a little decrease in the price of premium Mn ore of 0.07/dmtu w-o-w. SteelMint reported that Mn 44%'s price was $4.35/dmtu, down 0.09/dmtu, the lowest in the previous three years, and 46% (lumps, Australian origin) was $4.65/dmtu CNF Vizag, down $0.05/dmtu, India. The low quality Mn 37% manganese ore offer was $3.75/dmtu. However, the ore pricing was consistent w-o-w.

• The manganese ore market has recently been turbulent at the bottom. As prices gradually fall, the market has seen an increase in low-price inquiries, putting pressure on the overall price of the material. When combined with indications from several operating manufacturers that maintenance may be expected in November, which drove the Indian company to book ores in bulk. Moreover, manufacturers anticipated the spot price of manganese ore has been bottomed out and will uptick in near future.
  
  

• Manganese miners are receiving higher offers, and market expectations are growing. In the short
  run, the manganese market will benefit from the steady recovery of the domestic economy, as well as gradual improvement in the steel market and stabilising real estate sentiment. However, recovery from the manganese alloys surplus in the domestic market will take some time, and the manganese ore market is projected to remain stable.
  
  
• The market is chaotic and in decline, producers have clearly reduced prices, and overall acceptability is low. Prices are recovering slowly as a result of the overall market scenario. As the supply of goods arriving at the port increases in the later period, the manganese ore spot market will continue to fluctuate.