India: Imported manganese ore prices witness limited movement despite steel market recovery

• Smelters exercise procurement caution amid high inventory
• Weekly cargo arrivals at Indian ports increase 16%

Imported manganese ore prices have remained relatively stable despite a recent recovery in the steel market and an increase in manganese alloy prices.

• Australian high-grade ore: Australian high-grade (46% Mn) ore witnessed stable at around to $4.5/dmtu w-o-w.
• Gabonese high-grade ore: Prices of Gabonese high-grade (44% Mn) ore edged up by $0.01/dmtu w-o-w to $4.21/dmtu.
• South African lumps: South African lumps (37% Mn) saw a slight rise of $0.05/dmtu w-o-w to $4.09/dmtu.

Market overview

Indian smelters adopt cautious stance: Indian smelters are adopting a strategic approach to manganese ore procurement, prioritizing inventory management in the face of an uncertain market outlook. While sufficient inventory levels currently exist, the recent recovery in the manganese alloy market has provided some support to ore prices.

This cautious approach reflects the smelters’ efforts to navigate the current market dynamics, which are characterized by fluctuating demand and potential price volatility.

Production cuts, steel market recovery boost silico prices : Domestic silico manganese prices rose amid production cuts at smelters and a recovery in the steel market. Prices of the 60-14 grade rose by INR 1,050/t ($12/t) w-o-w to INR 66,250-66,750/t ($780-786/t) exw in Raipur, Durgapur, and Visakhapatnam.

Prices of 65-16 were also stood at $892/t FOB Vizag/Haldia, India, rose by $12/t w-o-w.

Meanwhile, domestic steel billets witnessed elevation by INR 700/t ($8/t) w-o-w to INR 39,350/t ($463/t) exw-Raipur on 20 December 2024.

Weekly cargo arrivals rise: Manganese ore imports to India increased by 16% w-o-w, with shipments totaling 132,310 t between 04 December and 10 December.