Manganese Ore miners raise their offers further owing to its strong demand in the global market.
Prior to its holidays, China’s demand for Manganese Ore in bulk quantities has propelled its prices higher in the global market and it continued to remain on a rising trend since.
“There has been an anticipation that inquiries from China after their holidays is very much likely and at higher prices for April shipments,” said a buyer source from India expressing his concern with regards to the rallying Manganese Ore import offers.
South African origin Manganese Ore has witnessed a major hike in its prices as electricity cost in the region is marching northwards as the winter season is closing in. Hence, the production cost of the commodity in the region is rising and remains an issue for the miners.
Moreover, appreciation of Rand against USD is also considered as one of the major reason for the hike in global Manganese Ore prices.
In line with the same, the offers for imported Manganese Ore to India also edged up substantially.
“The price of Manganese Ore is dependent on China’s response to its stock position, after returning from the Spring Festival holidays,” said another source.
SteelMint assessed offers for 37-38% Carbonate Ore from South Africa at around USD 7.9/dmtu CIF India, while prices for 44% Manganese Ore from Gabon and 46% Ore from Australia at USD 8.2/dmtu CIF India and USD 8.5/dmtu CIF India respectively for March shipment.
Manganese Alloy Scenario in India
The Indian manganese alloy market witnessed a rise in offers as both Silico Manganese and Ferro Manganese prices corrected upward recently.
The manganese alloy offers in India and China has been consistently supporting the Manganese Ore offers as well. Additionally, increasing inquiries for Silico Manganese from the overseas markets is expected to pull its prices further.
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