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India: Imported manganese ore prices remain stable w-o-w

Prices stable amid uncertain market sentiments Imported manganese ore port inventories rise on higher arrivals Imported manganese ore offers remained stable w-o-w. Gabone...

Manganese Ore
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20 Jan 2024, 15:43 IST
India: Imported manganese ore prices remain stable w-o-w

  • Prices stable amid uncertain market sentiments

  • Imported manganese ore port inventories rise on higher arrivals

Imported manganese ore offers remained stable w-o-w. Gabonese high-grade manganese ore 44% was assessed at $4.35/dmtu and Australian high-grade manganese ore 46% stood at $4.65/dmtu, while lumps Mn 37% grade from South Africa inched up by $0.05/dmtu w-o-w to $3.85/dmtu.

However, a few manganese alloy manufacturers from Durgapur informed SteelMint that on bulk booking of manganese ore from Gabon and South Africa, they receive additional discounts on miners' offer prices which were around $4.25/dmtu for Gabonese origin Mn 44% and South Africa Mn 37% were offered at around $3.65-3.7/dmtu.

Alloy producers in wait-and-watch mode: Domestic markets have maintained a wait-and-watch attitude because freight rates have risen dramatically to around $3,000-4,500 per container post-Red Sea issues which was around $800 per container earlier. As the demand has not met market expectations, causing smelters to postpone booking of imported manganese ore. Spot trade was limited last week, and the manganese ore market remained nearly stable. The domestic demand for downstream production suspension and reduction in manganese alloys remained resilient.

Furthermore, due to the unstable situation in the Red Sea, all ships that had previously ceased navigation and travelled via the Red Sea region would now traverse Africa via the Cape of Good Hope for safety concerns, one of the smelters informed SteelMint. Available capacity will be decreased further in the short term, and spot freight rates will continue to rise in the next weeks, with this trend projected to last until the situation gets resolved.

Imported cargo arrivals recover w-o-w- India has witnessed a 122% increase in manganese ore (Mn37%, Mn44%, and Mn46%) weekly import shipments, reaching 127,329 t between 10 January 2024-16 January 2024, compared to the previous week's 57,280 t. This has resulted in increase in port inventories in India.

Buyers carefully retained considerable quantities of lower-grade South African material, anticipating a continuous rise in manganese ore prices.

20 Jan 2024, 15:43 IST

 

 

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