The spot price for Manganese Ore bound to India remained at USD 5.95/DMTU CIF India for grade 44%, from South African miners and for 38% Grade South Africa carbonated ore, the prices are around USD 5.4/DMTU CIF India. Eramet (Gabon) is offering 44% grade at USD 5.80/DMTU CIF for their next shipment to India.
Prices for South African Carbonate Ore are under pressure as demand from Chinese buyers is slim, reported trade sources. A Manganese Ore trader reported to SteelMint, “The stock position of Manganese Ore is also very less with the Ferro Alloy producers and some of them are facing a stock-out situation.†However, SteelMint assessed that Manganese Ore buyers were cautious and did not wish to take long positions, owing to weak demand for Ferro Alloys. Most producers of Ferro Alloys have resorted to a strategy of buying only how much is required, or as and when required and are waiting for direction from the Chinese market, as Manganese Ore prices have corrected there.
As regards to the Indian domestic Manganese Ore prices, it remained constant, although availability of the Indian Ore remains constrained.
The Ferro Alloy market remained weak with soft demand and rare deals. Market participants of Ferro Alloys mainly hold a wait-and-see attitude, and are worried of prices falling down further in the coming days, due to sluggish demand from steel mills.
It is reported that Royalty on Manganese Ore is likely to continue at same level.
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