India's imported Manganese Ore market remained weak with sluggish demand and light transactions. Foreign offers remain 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 the July, 2013 shipments. Current offers for BHP 47% Grade is USD 6.06/DMTU CIF India. However, all other offers for 44-48% grades vary from 5.85-6.10 DMTU at the moment. For lower grades 36-38 grade South African material, the prices are between 5.50-5.60/DMTU CIF India. Many market participants believe that the prices are under negative pressure, and are likely to drop in the next two to three weeks, on account of a slowdown in Chinese demand.
Domestic offers for Manganese Ore from Balaghat remain unchanged, although the demand is low, reported a miner source from the region. Current prices at Balaghat are: Manganese Ore 28-30% = Rs. 6000-6200/MT; 34-36% = Rs. 8500-8700/MT; 40-42% = Rs. 11500/MT. Prices mentioned are inclusive of Royalty and Taxes. Manganese Alloy producers are awaiting the announcement by MOIL for its offer prices for the next quarter, which is expected to be made in the first week of July.
The Indian steel market is slack and so is the Ferro Alloy market, resulting in the Indian Manganese Alloy producers to lose interest in procuring the raw material.
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