Manganese ore prices extended recent gains on resilient demand from end-users. Market sources reported of bullish market condition as there is a balance in demand & supply.

Private miners in Balaghat raise their offers in the market owing to healthy demand. Earlier, a state-owned and India’s largest manganese ore producer, Manganese Ore India Ltd (MOIL) hiked prices by 3-7% across all its product offerings forQ4 FY14.

Current prices at Balaghat for Manganese Ore 34-36% is INR 9,600/MT (USD 4.38/dmtu); 42-44% is INR 13,500/MT (USD 5.26/dmtu). Prices mentioned are including royalty and excluding all taxes. Domestic offers for Manganese Ore from Odisha have also increased marginally. Current prices at Odisha for Manganese Ore 35-36% is INR 9,000/MT (USD 4.05/dmtu); 42-44% is INR 13,500 (USD 5.26/dmtu). Prices mentioned are inclusive of royalty and excluding taxes. Price for South African Carbonate Ore grade 37-38% is INR 10,562 /MT (USD 4.5/dmtu).

Private Manganese ore miner, Orissa Manganese & Minerals Limited (OMML), a subsidiary of Adhunik Metaliks has increased Manganese ore prices for grades below 34% by INR 500/MT w.e.f today (4 Feb, 2014). OMML has an annual production of about 0.2 MnT2 and contributes 9% of the country’s overall Manganese ore production. Earlier, on 18 Jan, 2014 OMML had also increased Manganese ore prices for 34+ grades by INR 500/MT, in line with rising Ferro Manganese prices.

Silicomanganese prices typically set the direction for Manganese ore prices. Hence, with the growing demand for the Ferro Alloy, Manganese ore producers are capitalizing on increased prices to raise offers. Market watchers reported to SteelMint that the overall market sentiment is positive and expect prices to remain firm at this level.