India: Imported Manganese Ore Prices Witnesses a Steep Fall

Seaborne Manganese Ore prices hit further lows, declining for the fourth consecutive week amid increasingly bearish sentiment in one of the major importing nations, China. Market sources blamed rising stocks, increased volumes being offered by producers and aggressive bidding among buyers as reasons for lower prices over the last few weeks.

In India, the prices of Manganese Alloys are continuously going down amid low demand in the market. Due to this alloy smelters are restraining themselves from taking long positions, as they feel prices could come down again in the coming week. Sentiment in the Indian market is also similar to that of the Chinese Market, that the buyers are showing reluctance in buying materials from the ports amid falling alloy prices and weak domestic market. However, the prices remained at substantially higher levels throughout most of the last year.

Prices for Australian Lumps, Mn 46%, Fe 5%, is unchanged at USD 6.9/dmtu CIF India. South African Carbonate Ore (Lumps, Mn 37-38%) are being offered at USD 5.75/dmtu CIF India and Manganese ore Lumps, Mn 44%, Fe 5%, Gabon is offered at USD 6.3/dmtu for July deliveries.

On the future outlook, buyers feel that the prices may continue to fall in the next week amid the supply-demand dynamics as South African miners have been continuously reducing its prices to entice buyers.