- High-grade imported manganese ore prices improve amid high mining costs
- Imported cargoes arrival fall 6% w-o-w as supplies get delayed
Imported manganese ore prices have increased marginally by $0.05/dmtu of high-grade ore of lumps 44% and 46% w-o-w after a gap of two weeks except South African grade lumps (37%), prices of which remained stable. High-quality manganese ore from Gabon was at $4.4/dmtu, indicating an increase of $0.05/dmtu. Similarly, high-grade manganese ore from Australia was valued at $4.7/dmtu, indicating an increase of $0.05/dmtu. Additionally, lumps Mn 37% grade from South Africa was valued at $3.9/dmtu.
Imported manganese ore prices improve amid uncertain outlook: Short-term market circumstances have been improving, and prices for manganese ore have recently varied a little. This has caused the manganese market to become generally cautious, and market players are waiting to see how prices of manganese alloys will develop. Currently, there is less demand for manganese ore in the market. Miners of manganese ore are trying to keep up prices due to high production cost and revised electricity charges.
Domestic markets are still cautious: Prices of manganese ore remained within a specific range, and there was not much spot transaction in the market. Due to a decline in downstream output, Indian smelters have less reservations for imported material.
One of the smelters told BigMint that the amount of imported material being consumed is being affected by the fact that producers of manganese alloys have a sufficient volume of raw materials on reserve. Regular imports of manganese ore have also been hindered by delays in the shipping of imported material to Indian ports.
Imported cargo arrivals drop 6% w-o-w: India has witnessed a 6% drop in manganese ore (Mn37%, Mn44%, and Mn46%) weekly import shipments, reaching 26,650 t between 24 January 2024-30 January 2024, compared to the previous week’s 28,400 t. The weekly import volume of manganese ore has been primarily influenced by the ongoing production cut in the local market and the sharp spike in spot freight charges.
Prices of manganese ore are expected to rise little, according to long-term market patterns, and an overall market upswing is predicted. However, it is crucial to keep an eye on the market trend for manganese alloys.