Imported Manganese Ore market remained weak with sluggish demand and light transactions. However, offers remain unchanged.
Prices of imported Manganese Ore are under pressure and likely to come down if the lack of demand persists. The stock levels of Manganese Ore with Manganese Alloy smelters in India is still low and nobody is willing to take long positions on the Ore unless there is clarity in the direction of Manganese Alloys market. A couple of cargoes of high grade Manganese Ore have recently arrived at Indian ports.
There are no changes in the offers of imported manganese ore as such, as the big miners have maintained the same prices for Aug’17 shipments. Current offers for South African 37% carbonate ore are at USD 5.4/dmtu. Similarly, Australian 45%-46% manganese ore offer is stable at USD 6.5/dmtu CIF India, while offers for Gabon 44% ore is at USD 6.2/dmtu CIF India.
SteelMint assessed that Manganese Ore prices are under negative pressure, and are likely to drop in the next two to three weeks, on account of a slowdown in Chinese demand.
Indian Players Adopting A Wait-and-Watch Mode
There is an inherent fear among the Manganese Alloy importers in India about the future prices of Manganese Ore, which still remains unclear after the Chinese demand for imported Manganese Ore has also come down sharply, after a period of sustained restocking. Chinese demand plays an important role, and which is also reported to be weak at the moment.
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