India: Manganese ore import prices remain stable w-o-w, subdued trade
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- Silico manganese prices tumble in India
- Weekly arrivals of imported cargoes rise by 47%
Imported manganese ore prices remained constant w-o-w, with variations seen across origins:
Gabonese high-grade ore: Prices of Gabonese high-grade (44% Mn) ore remained stable w-o-w, reflecting limited supply and temporary muted demand from global smelters for high grade kept the price flat.
Australian high-grade ore: Australian high-grade (46% Mn) ore witnessed unchanged to $7.55/dmtu due to limited demand of high grade manganese alloys.
South African lumps: South African lumps (37% Mn) remained flat at around $6.4/dmtu. Cautious buying kept demand flat from Indian smelters.
The imported manganese ore market has exhibited sluggishness over the past one week, marked by reduced inquiries and purchase volumes. Market participants are displaying a lack of buying interest, leading to difficulties in closing deals and a subsequent decline in demand for manganese alloys from European countries and global steel producing regions.
Factors keeping imported manganese ore stable
Cautious buyers, subdued downstream demand: Spot trading activity remained muted, with inquiries failing to materialise into substantial deals. This trend underscores a persistent imbalance between supply and demand. Market players appear to be in a holding pattern, waiting for either price corrections or a more definitive outlook on demand before re-entering the market with greater enthusiasm.
Silico manganese prices tumble in India: Silico manganese prices in India fell sharply by INR 5,600/t ($67/t) due to need-based buying in domestic and export markets. Prices now range from INR 86,700-89,300/t ($1,041-1,072/t) exw. This decline, coupled with cautious steel buyers, could lead to price swings in the near future and may also delay Indian smelter bookings of imported manganese ore.
Weekly arrivals of imported cargoes increase by 47% w-o-w: Manganese ore cargo arrivals to India increased by 59% (Mn37%, Mn44%, and Mn46%), with weekly shipments reaching 178,514 t between 8 May and 14 May 2024, up from 121,766 t in the previous week. The weekly import volume of manganese ore has recovered from the previous week's low volume.
