High-Grade Manganese Ore offers hold firm on being the preferred grade in China, while low-grade Manganese Ore prices dropped on falling Chinese Silico Manganese Futures Prices.
Demand from China seems to have increased as buyers are stocking before the Chinese Lunar Year, but at the same time, they are cautious not to create a price rally based on speculation. A source revealed to SteelMint that Chinese buyers are favouring seaborne commodity over their own port stocks as the prices of the same have gone up due to low inventory.
“Anticipation of rising Silico Manganese futures price in China had encouraged a rise in ore prices,” said a source discussing the position of the commodity in the Chinese market. However, referring to the same, he opined that Silico Manganese offers might not sustain as the supply of the same is expected to rise bringing down its price.
The price of seaborne Manganese Ore to India is still firm as there is no price reduction from big miners. However, market participants expect the offers to move up due to delayed supply for of ores from South Africa.
SteelMint assessed offers for 37-38% Carbonate Ore from South Africa at USD 6.6/dmtu CIF India, while prices for 44% Ore from Gabon and 46% Ore from Australia at USD 6.9/dmtu CIF India and USD 7.4/dmtu CIF India respectively.
Manganese Alloy Scenario in India
The Indian manganese alloy market witnessed a fall in offers as both Silico Manganese and Ferro Manganese prices corrected downward recently.
Demand for Ferro Manganese has been persistently low but Silico Manganese observed constant demand in domestic market but got hit by low overseas inquiries.
Elevated Manganese Ore offers also failed to support the Manganese alloy offers in India due to limited inquiries for the commodities.
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