- INR weakness pressures alloy margins
- Weekly cargo arrivals rise at Indian ports
Imported manganese ore prices were under pressure in the week ended 30 May 2026 despite a slight uptick in manganese alloy prices. Smelters continued to adopt a cautious procurement strategy, given the uncertainty surrounding downstream steel demand and the absence of significant export enquiries for manganese alloys. With buyers refraining from committing to bulk purchases and maintaining a need-based approach, overall trading activity in the imported ore market remained subdued, limiting support for ore prices. Market participants also viewed the recent recovery as temporary following a sustained downtrend over the past few weeks.
- Australian high-grade ore (Mn 46%) was down by $0.04/dmtu w-o-w to $6.2/dmtu CNF Haldia/Vizag.
- Gabonese high-grade ore (Mn 44%) decreased $0.06/dmtu w-o-w to $5.8/dmtu CNF Haldia/Vizag.
- South African lumps (Mn 37%) were down by $0.9/dmtu w-o-w to $4.87/dmtu CNF Haldia/Vizag.
Market overview
Weak INR, uncertain alloy demand keep ore procurement subdued: Indian smelters adopted a cautious procurement approach amid prevailing market uncertainty. Imported manganese ore prices continued to rise, primarily due to the depreciation of the Indian rupee against the US dollar.
The INR has weakened by around 2-3% over the past few months, increasing the landed cost of imported ore by approximately INR 500-1,000/t, depending on grade and origin.
As a result, manganese alloy production costs have increased, prompting smelters to avoid bulk purchases and restrict procurement to immediate requirements until there is greater clarity on demand and price direction.
Manganese alloy market turns positive on fresh procurement activity: Indian manganese alloy prices edged higher this week, supported by renewed buying interest and improved market sentiment. Domestic silico manganese (60-14) prices rose by INR 250/t ($3/t) w-o-w to INR 74,000-75,000/t ($773-784/t), aided by increased domestic enquiries and improved export realisations following the depreciation of the Indian rupee. Consequently, HC 65-16 silico manganese export prices increased by $22/t to $905/t FOB Vizag/Haldia.
Ferro manganese (70%) prices also rebounded after a prolonged downtrend, rising to INR 78,000/t ($815/t) in both Raipur and Durgapur, supported by firm offers from producers and traders. Meanwhile, 75% grade ferro manganese export prices climbed by $34/t w-o-w to $908/t FOB Vizag/Haldia.
Imported manganese ore arrivals rise w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 118% to 182846 t over 17-23 May 2026 against 84,050 t in the previous week.
Outlook
Imported manganese ore prices are expected to remain weak-to-stable in the near term. Higher import costs due to INR depreciation may offer support, but cautious buying from alloy producers and uncertain downstream steel demand are likely to limit fresh bookings. Need-based procurement by smelters is expected to keep trading activity subdued and cap any significant price gains.
Leave a Reply