- Demand wanes, geopolitical tensions weigh on manganese market
- Imported ore arrivals decline 51% w-o-w
India’s imported manganese ore prices have slightly declined w-o-w, reaching a four-month low. This decrease is mainly attributed to subdued demand for manganese alloys both in domestic as well as overseas markets.
Price assessments
- Gabonese high-grade ore (44%) was at $4.58/dry metric tonne unit (dmtu), down by $0.02/dmtu, due to weak demand for high-grade manganese alloys.
- Australian high-grade ore (46%) prices fell by $0.02/dmtu to $4.9/dmtu, indicating a continuous potential softening in demand.
- South African Mn 37% lumps fell by $0.03/dmtu to $3.89/dmtu.
Market overview
Manganese alloys prices drift lower amid weak demand: Indian manganese alloys prices are under downward pressure due to subdued demand. Silico manganese prices declined by INR 425/t ($5/t) w-o-w to INR 69,800-70,300/t ($817-823/t) across key regions like Durgapur, Raipur, and Vizag, driven by weak demand, limited export activity, and ample supply. Ferro manganese (HC 70%) prices also fell by INR 1,000/t ($12/t) in Durgapur and INR 900/t ($11/t) in Raipur, as slow demand and hesitance in accepting higher quotes impacted prices.
A key smelter from Raipur noted that due to rising India-Pakistan tensions, manganese alloys prices could dip further to INR 68,000-69,000/t exw or lower. Additionally, muted export inquiries are putting further pressure on manganese ore prices, reducing buying interest in the market.
Imported cargo arrivals drop 51% w-o-w: Manganese ore cargo arrivals to India decreased by 51% (for Mn37%, Mn44%, and Mn46%), with weekly shipments totalling 50450 t over 23-29 April against 114,048 t in the previous week.
Leave a Reply