Manganese Ore prices have witnessed a fall in prices, tracking Manganese Ore demand in China.
Global Manganese Ore prices have corrected sharply as demand from China had tanked in the last month and the stock at Chinese ports kept rising. The event of Chinese New Year resulted in overstocking at Chinese ports and prices plunged due to oversupply.
Australian Manganese Ore grade 46% is being offered at around USD 5.6 /DMTU CIF India. Price for 37% South-African Carbonated Ore has come down, and is being offered at USD 4.5/DMTU CIF India for March. Gabon has also reduced its price, and a deal was heard to be concluded for 44% grade at USD 5.2/DMTU CIF India March delivery.
Most market participants expect that the total output of Manganese Alloys in the Indian domestic market will keep at current level and the demand for Manganese Ore may still stay at a low level.
Global prices of Manganese Ore are mainly driven by Chinese demand and which is expected to remain flat at least for the current quarter as their is sufficient material at the Chinese ports.
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