India: Imported manganese ore prices remain stable in recent trades
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- Cautious buying, weak demand plague Mn ore market
- Cargo arrivals at Indian ports decrease 42% w-o-w
The Indian manganese ore market witnessed a stable price trajectory this week, showcasing resilience to recent challenges.
Price trends
- Australian high-grade manganese ore (46% Mn): Prices remained stable w-o-w at $5.40/dry metric tonne unit (dmtu).
- Gabonese high-grade manganese ore (44% Mn): Prices remained unchanged w-o-w at $5.05/dmtu.
- South African lumps (Mn 37%): Prices remained constant w-o-w at $3.9/dmtu.
Market overview
Smelters remain wary of manganese ore purchases: Indian smelters adopted a cautious approach to manganese ore purchases, with existing inventories sufficient to meet current needs. Cautious buyer sentiments, combined with strategic production cutbacks and rising steel prices, contributed to the stability in the manganese ore market.
Weak export market for Indian manganese alloys: Domestic buyers resisted procuring manganese alloys at elevated prices. This exerted downward pressure on silico manganese values, leading producers to adopt a cautious approach towards manganese ore purchases at higher costs.
Additionally, the export market for Indian 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 42% w-o-w, with shipments totalling 42,286 t between 18 September and 24 September compared to 73,490 t in the previous week.
The near-term outlook for manganese ore markets remains uncertain, with sluggish buying expected primarily from China due to the Golden Week holidays. The recovery in steel prices could provide some support to manganese alloys, but weak demand and cautious buying could limit significant price increases.