Seaborne offers remain unchanged but buyers in India are reluctant to trade on account of the fast depreciating Rupee. There are no changes in the offers of imported manganese ore as such, as the big miners have maintained the same prices for the January, 2017 shipments. Price for South African carbonate Ore ranges between USD 8-8.2/DMTU for Jan’17 shipments. The offer price for 46% Australian Manganese Ore Lumps is USD 9.6/DMTU CIF India.
The scarcity of imported manganese ore in theIndian market prevails. China being the main driver of manganese ore prices – has been on a buying spree of late. Therefore, the price is expected to be firm till Chinese New Year.
Indian manganese ore imports witnessed huge increase in Oct’16 in contrast to Sep’16. Albeit high prices in seaborne market, the imports were high along with its prices.
SteelMint assessed that Gabon withdrew offers to India for Jan’17 shipment. This is one of the reasons of constant prices of manganese ore domestically other than low demand due to demonetization.
It is to be seen which way the Chinese demand goes after the Chinese. On the other hand, Manganese Alloy producers are awaiting the announcement by MOIL for its offer prices for the next quarter, with most market participants expecting a price increase.
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