Imported Manganese Ore prices were softer this week as weakness in the Indian steel industry continued to undermine demand for manganese alloys, which also hit buying interest for manganese ore.
The Manganese Ore market is finding it difficult to sustain after months of soaring price levels. Manganese Alloy producers are adopting a cautious approach and are depicting reluctance in booking Manganese Ore at higher prices.
Chinese demand plays an important role, and has been reported to be weak at the moment as demand slowed over the Chinese New Year festivities. Global miners decided to cut their offers following few weeks of low demand for Manganese Ore. Australian Manganese Ore grade 46% is being offered at around USD 7.8 /DMTU CIF India. Price for 37-38% South-African Carbonated Ore has come down too, and is being offered at USD 6.1/DMTU CIF India. All prices are for February loading.
China is the largest seaborne importer of Manganese Ore in world but demand has softened there. Chinese buyers are observed to be less interested as they have stopped buying on account of Chinese New Year. However, it is to be seen how the Chinese influence pans out once the buyers return from their holidays.
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