India: Imported manganese ore cargo arrivals tumble 54% w-o-w

India's manganese ore import shipments (Mn37%, Mn44%, and Mn46%) declined by 54% w-o-w, according to vessel data provided by SteelMint. Shipments were recorded at 61,120 t during November 1-7, 2023, compared to 134,190 t in the previous week. Volumes fell as a result of low demand for manganese alloys and decreased steel mill consumption.

However, manganese ore offers from exporting countries remained stable. For all grades, ore prices were marginally stable w-o-w. According to SteelMint, the price of grade Mn 37% was $3.75/dmtu, Mn 44% was $4.44/dmtu, and 46% (lumps, Australian origin) was $4.70/dmtu CNF Vizag, India.

• India's manganese ore consumption has fallen due to weak global demand and liquidity constraints affecting transaction flow in exporting countries. Furthermore, war tensions have impacted additional ore shipments in the MENA and EU, delaying shipments and reducing quantities w-o-w.
  
  
• 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.