Global Manganese Ore prices firm; market participants look forward to the MOIL tender.
The price of seaborne Manganese Ore to India is still firm as there is no price reduction from big miners. Tight supply of Manganese ore from South Africa and Gabon, as well as steady demand from alloys smelters in China, supported firm offer prices. Moreover, stock level of Carbonate Ore is very low in India. The South African Carbonate Ore is characterized as a cost effective Manganese Ore. Price for South African 36-37% Carbonate ore is at around USD 5.45/dmtu CIF India for July shipment, which is within end users’ acceptance and enjoys certain advantages over high grade manganese ore.
Australian 46% and Gabon 44% ore is offered at at USD 6.5/dmtu and USD 6.25/dmtu CIF India respectively.
While there has been no pressure on miners, from Chinese and Indian buyers to cut prices, there is no price reduction in the offing. “Manganese Ore is a sellers’ market. When the miner is not willing to lower the price, buyers just have to pay at that price to get the cargo,” a Kolkata-based trader said.
Imported Manganese Ore prices are expected to remain stable at least for the time being.
Leave a Reply