India: Silico manganese export prices hold steady w-o-w amid slow market activity

• Muted global demand keeps SiMn export inquiries low

  
  
  

• Higher offers rejected, sellers compelled to reduce prices
  
  

Indian silico manganese export offers remained largely stable w-o-w, registering a marginal decline of around $5/tonne (t) on average, amid slow market activity and muted demand.

BigMint's assessment on 11 November 2024 revealed stability in prices: the 65-16 grade edged down by $2/t to $898/t FOB, while the 60-14 variant inched down by $7/t to $815/t FOB. However, higher offers for 65-16 did not find acceptance, and sellers were compelled to knock their offers down to $890-910/t FOB.

Confirmed deals (as per BigMint)

Global market updates

Volatile global market drags down demand: The market witnessed limited inquiries due to subdued global steel demand, which impacted the consumption pattern of silico manganese. Inquiries for Indian material from key importers such as Japan, the UAE, South Korea, and MENA regions were muted, owing to instability in global market dynamics.

Additionally, global economic challenges, specifically from Europe, also contributed to minimal demand this week.

Imported manganese ore prices remain stable w-o-w: Imported manganese ore prices (Mn 37-46%) remained mostly stable w-o-w. Mn44% from Gabon was steady at $4.05/dry metric tonne unit (dmtu), Mn46% from Australia held firm at $4.35/dmtu CIF India, and Mn37% from South Africa increased slightly by $0.05/dmtu to $3.85/dmtu.

Moreover, Eramet Comilog maintained its prices for Mn44.5% Gabonese lumps at $3.95/dmtu CIF China for December shipments, unchanged from last month. Similarly, prices of 43% grade manganese chips were steady m-o-m at $3.75/dmtu.

Meanwhile, South32, a leading global miner, increased its offer prices of 37% grade South African semi-carbonated manganese ore lumps by $0.10/dmtu m-o-m to $3.80/dmtu CIF China for December shipments.

China's silico manganese prices remain flat w-o-w: Chinese silico manganese (Mn: 65%, Si: 17%) prices remained range-bound w-o-w at RMB 6,230-6,630/t ($865-$922/t) exw, including taxes, ultimately registering a slight uptick of RMB 90/t ($13/t).

Outlook

The outlook for silico manganese export prices suggests ongoing challenges due to sluggish global demand and economic uncertainty, which are impacting inquiries from major importing countries. This trend may continue to exert pressure on pricing in the coming weeks.

Meanwhile, some producers remain hopeful of improved demand in the near future, as overseas buyers typically book materials before the winter holidays. However, negotiations have become challenging due to a weak steel market. It remains to be seen how the market will balance potential demand and bid-offer disparities.