The price of seaborne Manganese Ore to India is still firm as there is no price reduction from big miners. Foreign offers remain largely unchanged but buyers in India are reluctant to trade on account of the fast depreciating Rupee. There are no changes in the offers of imported manganese ore as such, as the big miners have maintained the same prices for Sep’18 shipments.
SteelMint assessed offers for 37-38% Carbonate Ore from South Africa at around USD 6.6/dmtu CIF India, while prices for 44% Manganese Ore from Gabon and 46% Ore from Australia at USD 7.05/dmtu and USD 7.35/dmtu CIF India respectively for September shipment.
Many market participants believe that the global Manganese Ore prices are under no negative pressure, and are likely to rise in the near-term, tracking Silico Manganese prices in China.
Stock levels of Manganese Ore is fast depleting at Chinese ports as the devalued Yuan has prompted Chinese buyers to buy more from port stocks. This has further encouraged the traders to raise their offers as well.
International prices of Manganese Ore are mainly driven by Chinese demand and it is expected to remain firm at least for the current quarter. SteelMint assessed that Silico Manganese prices typically set the direction for Manganese Ore prices.
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