Imported manganese ore CFR prices increased as the freight cost increased. The buying tendencies still remained weak due to high inventories with the Indian producers of manganese alloys.
Contrary to the recent trend, the manganese ore index went up this week despite limited buying interest mainly because of a few reasons:
- Prices of silico manganese and is up in the global market, which has boosted the confidence of miners to increase ore prices.
- There is a shortage in market supply, mainly due to low availability of containers in the market.
- The cost of miners has increased in recent times.
Current Assessment:
The prices for imported manganese ore this week are as follows:
CNF China, Mn 37%, South African Origin: $3.75/dmtu;
CNF China, Mn 44%, Gabonese Origin: $4.15/dmtu;
CNF India, Mn 37%, South African Origin: $3.9/dmtu;
CNF India, Mn 44%, Gabonese Origin: $4.3/dmtu;
CNF India, Mn 44%, Australian Origin: $4.6/dmtu
However, despite all the reasons behind the increasing prices of manganese ore, the buying tendency from China remains weak, as the electricity costs have also surged in China along with their increased inventories at ports.
Outlook:
Manganese ore prices is expected to rise on bullish steel sentiments, yet there is still a question mark on whether it will be accepted readily.
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