India: Imported manganese ore prices largely stable w-o-w, lower grades buck trend

• Steel price recovery supports manganese alloys
  
  
• Imported manganese ore arrivals increase w-o-w
  
  

India's imported manganese ore prices remained within a stable range this week, with a slight increase observed in higher grades (Mn 44% and 46%).

• Australian high-grade manganese ore (46%) inched up by 0.05/dmtu to $4.4/dmtu.
  
  
• Gabonese high-grade manganese ore (44%) was priced at $4.15/dmtu, slightly up by $0.05/dmtu.
  
  
• South African manganese ore (37% Mn lumps) held steady at $4/dmtu, reflecting weak demand for low-grade alloys.
  
  

The imported manganese ore market has experienced a period of relative stability, with limited price fluctuations. Reduced demand for manganese alloys led to lower inquiries and purchase volumes, impacting the demand for imported ore. Additionally, sufficient inventory levels among buyers further dampened market activity.

Factors keeping prices range-bound

Weak demand, price correction: Indian manganese alloy smelters are adopting a prudent approach to imported manganese ore procurement in response to a confluence of market developments:

• Domestic silico manganese prices inches up w-o-w: Domestic silico manganese prices remained stable with a slight INR 400/t ($5/t) rise for the 60-14 grade, now at INR 64,400-65,500/t ($760-773/t) exw. Fluctuating steel prices, subdued demand, and production shutdowns have shaped up cautious market sentiments, supporting stability in key production regions.
  
  
• Ferro manganese prices rise amid production cuts: Ferro manganese (HC70%) prices rose by INR 600/t ($7/t) w-o-w to INR 66,900/t ($790/t) exw-Raipur and INR 67,000/t ($791/t) exw-Durgapur, driven by production cuts and tight supply. HC75% prices also climbed $22/t w-o-w to $900/t FOB Vizag/Haldia.
  
  

• Positive steel sentiments benefit silico manganese: A recent uptick in domestic steel billet prices by INR 600/t ($7/t) to INR 38,800/t ($458/t) exw-Raipur provided some support to the silico manganese market. This increase in steel prices could potentially stimulate demand for silico manganese, leading to a more stable market outlook. However, the overall market dynamics remain influenced by factors such as global economic conditions, steel production levels, and geopolitical events.
  
  

Imported manganese ore cargo arrivals rise w-o-w: Manganese ore (Mn37%, Mn44%, and Mn46%) cargo arrivals to India increased with weekly shipments reaching 74,369 t between 20-26 November, up from 26,371 t in the previous week.