- Cautious buying keeps manganese alloys prices rangebound
- Weekly cargo arrivals increase by 30% to nearly 223,000 t
Imported manganese ore prices remained largely stable this week, with only marginal variations observed. Smelters continued to adopt a strategic, need-based buying approach in the backdrop of subdued demand for manganese alloys in both the domestic and overseas markets. Prices remained stable during the winter holidays, with exporters receiving limited inquiries at ports, keeping overall trading activity muted.
- Australian high-grade ore (Mn 46%): Prices held their ground w-o-w at around $5.23/dmtu CNF Haldia/Vizag, inching up by just 0.01/dmtu.
- Gabonese high-grade ore (Mn 44%): Prices remained stable w-o-w at around $4.89/dmtu CNF Haldia/Vizag, up by 0.01/dmtu.
- South African lumps (Mn 37%): Prices inched down by $0.02/dmtu w-o-w at $4.27/dmtu CNF Haldia/Vizag on limited buying of manganese alloys by domestic mills.
Market overview
Manganese alloys prices show mixed picture: Indian silico manganese (60-14) prices rose w-o-w by around INR 150/t ($2/t) to INR 68,600–69,700/t ($764–776/t) across key markets, supported by marginal improvement in steel prices and limited restocking. However, alloys demand remained subdued, with a key producer source stating that prices are largely stable and acceptance of higher prices is very limited, which will lead to minimal price impact in the first week of January. Demand resumption will be another key factor going forward.
In contrast, HC 65-16 silico manganese prices slipped by $6/t to $897/t FOB Vizag/Haldia.
Ferro manganese prices also weakened due to need-based buying, with HC 70% prices falling by INR 100–300/t ($1–3/t) across major markets and HC 75% prices fell by $9/t to $882/t FOB Vizag/Haldia. Meanwhile, an Indian exporter highlighted muted inquiries due to holidays, with limited price variation expected in early January and no upside seen in imported manganese ore prices.
Imported cargo arrivals rise w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 29% to 223,069 t over 10-16 December against 172,779 t in the previous week.
Outlook
Given current market conditions, imported manganese ore prices may see a slight uptick as a few smelters have booked material at higher rates for January deliveries. However, the demand trend for manganese alloys will remain crucial in determining the further price direction.
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