India: Imported manganese ore prices firm w-o-w on lower cargo arrivals

• Smelters take cautious approach to procurement
  
  
• Manganese alloys market weakens amid bid-offer mismatch
  
  

Imported manganese ore prices have recently seen at same level, with slight increase despite softening demand for manganese alloys.

• Australian high-grade ore: Australian high-grade (46% Mn) ore witnessed stable at around to $4.35/dmtu w-o-w.
  
  
• Gabonese high-grade ore: Prices of Gabonese high-grade (44% Mn) ore edged up by $0.05/dmtu w-o-w to $4.10/dmtu, reflecting rising production and handling costs, along with ongoing rail maintenance impacting supply.
  
  
• South African lumps: South African lumps (37% Mn) saw a slight rise of $0.05/dmtu w-o-w to $4/dmtu. Limited upward price movement is possible due to existing production cuts in the region. This level was last seen three months ago.
  
  

Market overview

Smelters adopt cautious stance amid market uncertainty: Smelters are adopting a cautious approach to procurement due to an uncertain market outlook. The combination of weak demand and oversupply has led to a decline in prices, impacting the profitability of smelters. As a result, they are exercising prudence in their purchasing decisions to mitigate risks and maintain financial stability.

Indian manganese alloys market weakens: Domestic silico manganese prices remained under pressure as weak demand and cautious steel mill procurement have created a bearish market. Producers adopted a wait-and-watch stance for manganese ore purchases amid bid-offer misalignments. Export demand also weakened, reducing reliance on imported ore. Despite stable offers, surplus supply and limited smelter output failed to reverse the trend. Notably, 60-14 grade prices dropped INR 425/t ($5/t) w-o-w to INR 64,100-65,000/t ($758-769/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of silico manganese (65-16) stood at $877/t FOB Vizag/Haldia, India, down $4/t w-o-w.

Import arrivals to India down w-o-w: Manganese ore import arrivals to India fell by 27% w-o-w, with shipments totalling 26, 371 t between 20 and 26 November compared to 34,996 t in the previous week.