Imported Manganese Ore offer prices retreated on supply overhang coupled with sinking Manganese Alloys market in India.
Prices of imported manganese ore are under pressure as demand for manganese ore continues to be sluggish on the back of poor manganese alloys market. Chinese demand also plays a dominant role in determining prices of Manganese Ore; and demand from China is also lackluster on the back of existing stocks and production cuts.
Imported manganese ore prices have come down further with the unfavorable exchange rate in India and China, increasing the cost of importing. Australian manganese ore grade 46% is being offered at around USD 2.4/DMTU CIF India, South African manganese ore 44% (Fe-12%) is being offered at 2.2/DMTU CIF India and Gabon manganese ore 44% is being offered at 2.1/DMTU CIF India. Price for 37-38% South-African carbonated ore has also come down, and is being offered USD 1.95/DMTU CIF India.
The Indian steel market is on a downward trend and so is the Ferro Alloy market, resulting in the Indian Manganese Alloy producers substantially cutting down on production levels, thus losing interest in procuring the raw material. Market sources said miners were unwilling to reduce offer prices further.
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