India: Manganese ore imports soar 40% m-o-m in Nov'24

• South Africa remains top ore exporter
  
  
• Imported ore tags hold steady m-o-m
  
  

India's manganese ore imports climbed up significantly by 40% m-o-m in November 2024, data maintained with BigMint reveals. The volume increased to 0.42 million tonnes (mnt) in November against 0.3 mnt in October.

South Africa's shipments accounted for the largest share of the total inbound volume, unchanged m-o-m at 0.27 mnt in November. However, imports from Gabon surged exponentially, to 0.1 mnt in November against 0.02 mnt in October.

Imported ore prices hold firm m-o-m in Nov'24

Monthly average prices of imported manganese ore remained largely stable, as assessed by BigMint. For instance, prices of Mn 37% lumps imported from South Africa edged up to $3.94/dry metric tonne unit (dmtu) in November from $3.86/dmtu in October. Meanwhile, Gabon-origin Mn 44% and Australian Mn 46% lumps saw a slight decline of 6% m-o-m to $4.07/dmtu and $4.36/dmtu, respectively, in November.

Crude steel production stable m-o-m

India's crude steel production edged down by 1% to 12.38 mnt in November against 12.46 mnt in October.

India's ore production rises y-o-y in Jan-Nov'24

However, Indian manganese ore production rose 8% y-o-y in January-November 2024 against 3 mnt in the CPLY. Moreover, MOIL achieved a 5% y-o-y increase in manganese ore production for the first nine months of FY'25 (April-December 2024) to 1.33 mnt. During 9MFY'25, the company registered sales of 1.13 mnt, higher by 3.5% y-o-y. The company posted its best-ever Q3 (October-December) sales figure of 0.38 mnt in FY'25, up 13% y-o-y.

Outlook

Manganese ore imports are likely to stay steady, but global alloy demand and ore prices will impact future volumes. Geopolitical factors, changes in currency rates, and domestic output will also affect the market.