India’s imported manganese ore prices climb amid stockpiling

• Exports spike in Jan’25 amid optimistic outlook
• Weekly cargo arrival increases by 33%

Global manganese ore prices have experienced a slight uptick for higher-grade ore, reaching a 7-month high, last seen on 27 July 2024. This price surge is largely driven by the ongoing limited supply from major miners, which has tightened the market and spurred demand for higher-grade imports. The constrained supply has prompted smelters to secure bulk orders, further pushing prices upward.

• Australian high-grade ore: Australian high-grade (46% Mn) ore witnessed an increase of $0.04/dmtu to $5.24/dmtu due to supply constraints.
• Gabonese high-grade ore: Prices of Gabonese high-grade (44% Mn) ore edged up by $0.03/dmtu to $4.93/dmtu.
• South African lumps: South African lumps (37% Mn) saw a slight down of $0.02/dmtu to $4.6/dmtu.

Market overview

Smelters struggle amidst global constraints ore supply: Indian smelters, which rely heavily on imported manganese ore about 60% due to the limited domestic supply of high-grade ore are now experiencing challenges. With domestic resources lacking in both quantity and consistency of grade, smelters are increasingly seeking bulk orders of imported ore to maintain their inventory levels. This surge in inquiries is a response to rising ore prices and limited supply from key miners, further compounding the situation.
Additionally, Global manganese ore suppliers are restricting supply to Indian smelters, thereby putting pressure on the domestic market. Some miners have prioritised increasing supplies to China, resulting in constrained availability of ore for Indian producers. So, limited supply has supported prices of imported manganese ore.

Manganese alloy exports spike in January: India’s exports of manganese alloys rose to 0.18 million metric tons (mnt) in January, compared to 0.15 mnt in December. This increase came as markets resumed trade activities after China’s New Year holidays, which naturally boosted domestic production and demand for ore. Indian smelters anticipate that this upward trend will persist in the near term.

Weekly cargo arrivals rise w-o-w: Manganese ore imports to India increased by 33% w-o-w, with shipments totalling 103,924 t between 12-18 February, 2025.