Imported Manganese Ore Market Stagnant on Weak Demand

Prices of manganese ore imported to India continued to remain stable. Market sources, however, reported of very weak demand from manganese alloy producers.

Imported manganese ore market has been sluggish as demand from manganese alloy producers is low. Chinese demand plays a dominant role in determining prices of imported manganese ore; however demand from China is also lackluster.

South African carbonated ore (36-37%) is being offered at USD 2.6/dmtu CIF India. The offer price for Australian 44% lumps is USD 3/dmtu and high grade 47% particle ore is USD 3.2 /dmtu CIF India. These prices have continued to remain at these levels since past three weeks.

Domestic Manganese Ore Remains Dull

Domestic manganese ore prices remain unchanged amid a lackluster manganese alloy market. Stability in prices has been noted since April.

Private miners in Balaghat have kept their offers unchanged on very low end-user demand. SteelMint assessed that the current offer in Balaghat for 30-32% grade is INR 5,750/MT; 34-36% is INR 6,750/MT, 40-42%- is INR 8,500/MT and 42-44% is INR 9,100/MT. Prices mentioned are inclusive of royalty and exclusive of taxes.

Miners from Balaghat are burdened by weak buying interest and they have opted to cut production levels in sight of poor demand from manganese alloy producers. Sources in the market continue to suggest that there is minimal activity and believe that market condition to not improve soon.

Mangilall Rungta Mines in Odisha is currently offering manganese oreof 26-28% grade at INR 5,000; 28-30% at INR 5,500/MT; 30-32% at INR 6,000/MT; 32-34% at INR 6,500/MT and 34-36% at INR 7,250/ MT.

Indian steel market is slack and so is the ferro alloy market. Consequently, manganese alloy producers are losing interest in procuring raw material.

Prices incld royalty
Source: SteelMint Research
Exchange Rate: USD 1 = INR 64.1