India: Imported manganese ore prices rebound after declining in early-Oct'24

• Cautious buying, weak demand seen in manganese alloys markets
  
  
• Cargo arrivals at Indian ports decrease 82% w-o-w
  
  

The Indian imported manganese ore market has witnessed a stable price trajectory this week, thereby demonstrating resilience in the face of recent challenges. This stability is indicative of the market's ability to withstand adverse conditions and navigate uncertainties.

Price trends

• Australian high-grade manganese ore (46% Mn) prices remained stable w-o-w at $4.4/dry metric tonne unit (dmtu), marginally rising by 0.05/t w-o-w.
  
  
• Gabonese high-grade manganese ore (44% Mn) prices rose slightly by $0.05/dmtu w-o-w to $4.10/dmtu.
  
  
• South African lumps (Mn 37%) prices remained stable w-o-w at $3.85/dmtu.
  
  

Market overview

Indian smelters maintain cautious stance: Indian smelters have adopted a prudent approach to manganese ore purchases, relying on existing inventories to meet their immediate needs. This cautious sentiment, coupled with strategic production cutbacks and fluctuating steel prices in major domestic locations, has contributed to the overall stability of the manganese ore market.

Meanwhile, manganese ore producers in South Africa and Gabon are planning strategic production adjustments in response to the uncertain manganese alloys market and fluctuating global steel prices. These strategic measures aim to mitigate risks and optimise production in the face of challenging market conditions.

Weak domestic, export markets for manganese alloys: Domestic buyers resisted procuring manganese alloys at elevated prices. This exerted downward pressure on silico manganese tags leading producers to adopt a cautious approach to manganese ore purchases at higher costs. Silico manganese (60-14) prices dialled down by INR 1,050/t ($12t) w-o-w to INR 68,200-68,800/t ($811-818/t) exw Raipur, Durgapur, and Visakhapatnam. Ferro manganese (HC70%) prices were largely stable, inching down by around INR 200/t ($2/t) w-o-w to INR 71,000/t ($845/t) exw in Raipur and by INR 400/t ($5/t) w-o-w to INR 71,100/t ($846/t) exw Durgapur.

Additionally, the export market for manganese alloys experienced a downturn, which reduced the need for imported manganese ore.

Import arrivals fall w-o-w: Manganese ore imports to India decreased by 82% w-o-w, with shipments totaling 13,305 t between 2-8 October compared to 73,100 t in the previous week.