India: Imported manganese ore market remains stable

• Manganese alloys producers demonstrate resilience
  
  
• Weekly cargo arrivals slightly down by 3% w-o-w
  
  

India's imported manganese ore market has stabilised after a recent downturn. Weak alloy demand, container shortages, and rising freight costs have limited imports.

Price trends:

• Australian high-grade manganese ore (46% Mn): Prices remained stable, inching up by $0.05/dmtu w-o-w to $6.65/dmtu.
  
  
• Gabonese high-grade manganese ore (44% Mn): Prices remained at same level, inching up by $0.05/dmtu w-o-w to $6.2/dmtu.
  
  
• South African lumps (Mn 37%): Prices remined stable w-o-w at $4/dmtu.
  
  

Market overview

Indian manganese alloys market maintains stability: Domestic manganese alloys prices in India have remained relatively stable despite fluctuating global manganese ore prices. Indian smelters in key production centres such as Raipur, Vizag, and Durgapur have implemented strategic production cutbacks ranging from 30-40% to mitigate potential losses, which has played a crucial role in stabilising prices. Additionally, the recent uptrend in steel prices has provided further support. These combined factors have helped keep imported manganese ore prices relatively resilient in the face of external pressures.

Smelters remain cautious on imported ore purchases: Indian smelters have been adopting a cautious approach to manganese ore purchases. With existing inventories sufficient to meet current needs, many smelters are hesitant to commit to new acquisitions. This cautious buyer sentiment, combined with strategic production cutbacks and rising steel prices, has contributed to the current stability in the manganese ore market.

Strategic pricing by Indian exporters defies global slump: Indian silico manganese exporters have maintained stable offers despite weak global demand. Prices of all grades have remained unchanged, with SiMn 65-16 priced at around $960/t FOB Haldia/Vizag and SiMn 60-14 at $825/t FOB Haldia/Vizag. This strategic pricing approach was aimed at retaining market share while anticipating a potential recovery in future demand.

Import arrivals drop w-o-w:

Manganese ore imports to India dropped by 3% w-o-w, with shipments totalling 123,537 t between 14 August and 20 August compared to 127,646 t in the previous week.