Prices of imported manganese ore remained stable week-on-week (w-o-w). Although the buying remained tepid in the Chinese market, most market participants are now in a wait-and-watch mode, expecting the new round of price releases.
India: Imported manganese ore prices
Indian manganese alloy prices stable w-o-w:
Indian silico manganese prices in the domestic market remained stable but spiked in the exports market. Most exporters remained booked for the next two months. The prices in the exports market rallied to $1,380-1,420/t FoB for 65-16 grade. Meanwhile, prices of ferro manganese also increased to INR 90,000/t in the domestic market. However, major suppliers of manganese alloys are waiting for the new round of manganese ore offers from the miners.
Chinese port inventory up 0.1 mn t w-o-w:
Chinese manganese ore inventory at ports increased by 0.1 million tonnes (mn t) this week, with a marginal drop of $0.5/dmtu w-o-w in port-side prices . Current stocks at Chinese ports are at 6.56 mn t as against 6.46 mn t seen in the previous week.
Tianjin Port currently has an inventory of 4.53 mn t as against 4.57 mn t seen last week.
Prices of imported manganese ore this week:
CNF China, Mn 37%, South African origin: $4.5/dmtu;
CNF China, Mn 44%, Gabonese origin: $4.7/dmtu;
CNF India, Mn 37%, South African origin: $4.65/dmtu;
CNF India, Mn 44%, Gabonese origin: $4.8/dmtu;
CNF India, Mn 44%, Australian origin: $5.15/dmtu
There is growing anticipation that prices will increase in the coming weeks owing to the higher manganese alloys prices in the global markets. South 32, a manganese ore miner, increased its prices for July shipments, fuelling sentiments of higher ore prices going forward.
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