Imported Manganese Ore Offers softened in line with Chinese Market

Seaborne Manganese ore prices moved lower, as buyers continued to seek discounts on offers.

Imported Manganese ore market has been sluggish for the past few weeks due to low demand from China. Chinese Ferro Alloy smelters are operating at the low levels because of low demand and high stock of Ferro Alloys especially High Carbon Ferro Manganese due to slack activity. Stock levels of imported Manganese ore witnessed a surge on the Chinese ports with limited buying activity. On the contrary, Indian Manganese Alloys market remained firm in April, 2014 and orders are full for the next month. Manganese Alloys market is holding firm although decreased prices of Manganese ore from the state run Manganese ore supplier MOIL which has slightly increased their price for low & medium grade.

Indian Manganese Alloys demand remained firm from the overseas buyers and expected to perform well at least for the sometime unless there is a further downslide in the Manganese ore prices. Currency exchange has also favored Indian Manganese Alloy smelters with imports getting cheaper due to the strong INR. Manganese ore market expected to remain weak unless there is good demand from China. Many big miners believe that this is a temporary phase and there could be a sudden spurt in the prices of Manganese ore but many smelters (especially in China) refuse to believe this.

 Exchange Rate: USD 1= INR 60.33