India: MOIL announces manganese ore offers for Mar'24, lifts lower-grades

MOIL, the Indian state-owned PSU miner, has rolled over manganese ore prices for Mar'24. However, for grades below 44%, the miner has lifted offers by 5% m-o-m. A hike in South African imported manganese ore offers and rise in manganese alloy prices have supported domestic manganese ore prices in India.

Factors impacting prices

Imported manganese ore prices rise 3% m-o-m in Feb- South African origin Mn ore 37% prices witnessed a 3% month-over-month (m-o-m) rise to monthly average of $3.95/dmtu in February 2024, compared to $3.83/dmtu in January 2024. This increase is attributed to rising production costs, handling charges, electricity costs, and limited profit margins.

Indian domestic silico manganese prices rise by INR 3,000/t ($36): Silico manganese (60-14) prices saw a significant INR 3,000/t ($36) m-o-m increase to INR 67,800/t exw Raipur in February 2024, compared to INR 64,500/t in January 2024. Domestic silico manganese price rose to a 4-month high in early February on improved inquiries for exports and domestic demand leading to supply tightness. However, in the last week of February, prices fell amid lowering bids and lower overseas inquiries, shipping delays and increasing port inventories.

Hike in overseas inquiries boosts Indian silico manganese export prices - Prices for silico manganese (60-14) exports witnessed a 4% m-o-m rise to $835/t FoB India in February 2024, compared to $805/t in January 2024. Export prices climbed to a 4-month high in early February as demand in European manganese alloys market has recovered after a gradual seasonal pause which has resulted in active bookings.