In the near term, the upside in manganese ore consumption owing to rising domestic steel production, as well as imports due to depleting high-grade ore inventories, may be tempered by potential dampeners. Y-o-y, steel demand may weaken a bit although infra projects may receive renewed impetus after a new government is sworn in. Broader global uncertainties and weak demand in major steel consumption hubs such as the EU are likely to weigh on manganese alloys export demand, thereby hitting ore demand. Global mine shutdowns may impact supplies and prices, which are likely to weigh on imports in the near term. However, the market fundamentals remain robust.
