India: Imported Manganese Ore Prices Slip Further Tracking Chinese Manganese Alloy Market

Spot prices of imported manganese ore have been on a declining trend and cautious manganese alloy producers are taking small positions.

Chinese demand plays a dominant role in determining prices of manganese ore which is presently reflecting resistance to higher prices of the commodity. In line with the Chinese market, Indian players are also negotiating on the lower side.

Indian manganese alloy producers are adopting a cautious approach towards importing Manganese Ore as well due to sluggish demand for their products and the Rupee having depreciated.

Australian manganese ore lumpy grade 46% price is down and is being offered at around USD 7.5/dmtu CIF India. South-African 36-37% carbonated ore is being offered by at USD 6.4/dmtu. Gabon has also reduced its price and is offering 44% grade manganese ore at USD 7.25/dmtu CIF India.

Given the lack of appetite for the alloy, ore offtake has also substantially reduced and nobody is willing to take long positions on Ore unless there is an improvement in the Manganese Alloys market.

On the future outlook, a few market participants expect the prices to remain stable but a downward movement of ore prices cannot be ruled out unless demand for alloys rebound.