Manganese Ore offer prices have increased for July delivery, supported by strong demand from China.
Tight supply of Manganese ore from South Africa and Gabon, as well as steady demand from alloys smelters in China, supported hike in prices. Moreover, stocks of high-grade ore were fast declining at Chinese ports. Australian 46% and Gabon 44% ore are offered at USD 6.5/dmtu and USD 6.25/dmtu CIF India respectively, and South African 36-37% Carbonate ore at around USD 5.45/dmtu CIF India for July shipment.
Price of Manganese Alloys is holding firm in India, and demand for Manganese Ore has increased as a result. Stock levels of Manganese Ore is very low with Indian smelters and supply of Manganese Ore to India is also sporadic, mainly due to China being the preferred destination for supplies.
Earlier, MOIL also increased its Manganese Ore prices by 10% for remainder of Apr-Jun quarter. MOIL follows the international Ore prices and adjusts their price in line with international prices and the demand situation in India for the Ore.
International prices of Manganese Ore are mainly driven by Chinese demand and which is expected to remain firm at least for the current quarter.
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