India: Imported Manganese Ore Prices Remain Under Pressure

Indian Manganese Ore prices remains unchanged in the domestic market. Meanwhile, Import Prices for Manganese Ore of lower grade have continued its down-slide amid low demand. However, higher grade Ore prices are unchanged in W-o-W basis.

Manganese Ore prices are under pressure amid low demand in the market. Though, there is a possibility of the market to stabilize once the Chinese New Year festivities are over.

Higher grade Manganese Ore prices are not coming down as fast as the Carbonate Ores. Prices for Australian Lumps, Mn 46%, Fe 5%, are unchanged at USD 6.9/dmtu CNF India. South African Carbonate Ore (Lumps, Mn 37-38%)are being offered at USD 5.8/dmtu CNF India and Manganese ore Lumps, Mn 44%, Fe 5%, Gabon is offered at USD 6.5/dmtu for March deliveries.

Falling prices of Manganese alloys is considered by most as the major reason for declining ore prices, alongside weak demand. Few traders said that there are chances of prices to go further below the present levels. Manganese Ore market seems to have a bearish outlook.

There is no sign of demand of Manganese alloys picking up, which puts the traders/producers in difficult situation to raise the prices. Moreover, MOIL may also reduce the prices further to entice buyers.

On the future outlook, the prices of Manganese Ore is expected to be under pressure unless demand from China picks up, which is likely to happen after the Spring Festival providing fresh impetus to Manganese Ore market to regain its lost price level.