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 Ferro Alloy smelters 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 Manganese Ore, which were booked at previous lower prices (than what is being offered at today) 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 May’17 shipments. Current offers for South African 37% carbonate ore are at USD 4.5/dmtu. Similarly, Australian 45%-46% manganese ore offer is stable at USD 5.8/dmtu CIF India, while offers for Gabon 44% ore is at USD 5.2/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. Chinese demand for Manganese Ore has also come down as the Chinese Steel market is slack and so is the Ferro Alloy market, resulting in the Manganese Alloy producers to lose interest in procuring the raw material.
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