India's manganese ore import prices remain stable w-o-w
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- Manganese alloys curtailment reduces domestic production
- Imported cargo arrivals recover against last week
Imported manganese ore prices have been stable over the last three weeks. Gabonese high-grade manganese ore 44% was assessed at $4.35-$4.45/dmtu, Australian high-grade manganese ore 46% stood at $4.7/dmtu, and South African lumps Mn 37% graded was unchanged w-o-w at $3.9/dmtu.
The market for manganese ore was muted and had steady trade activity. There was a gradual decrease in the output of manganese alloys from Indian smelters last week, which kept prices stable and resulted in fewer enquiries and purchases of manganese ore. Supply for manganese ore has also decreased as a result of the temporary closure of many factories in Durgapur, Raipur, and Vizag that produce manganese alloys.
Domestic markets continue to be cautious: The market saw little spot trading, impelling manganese ore prices to stay within a range. Smelters in India are less hesitant to accept imported material as a result of a drop in downstream output.
Imported cargo arrivals recover w-o-w: India cargo arrival has recovered slightly with surge of 365% in manganese ore (Mn37%, Mn44%, and Mn46%) weekly import shipments, reaching 113,465 t between 31 January 2024-6 February 2024, compared to the previous week's 26,650 t. The weekly import volume of manganese ore has been primarily influenced by the concern of rising price and stoking up the material at the current price.
Curtailment of manganese alloys still in place: The manganese alloys market is currently experiencing a very stable sentiment, and the curtailment of supply has resulted in a 25-30% reduction in local output, primarily in the Vizag region due to high production costs. As a result, manganese miners have kept offers firm.
One of the key smelters from Raipur informed BigMint, "We see long-term improvements in the supply situation in both local and foreign markets as export demand progressively improves and production systematically resumes. The market for manganese ore is expected to remain strong in the future, although it will take some time for local production to reach previous levels of the mineral."
