India: Market Participants Look Forward to MOIL Tender; Global Manganese Ore Prices Fall
The price of seaborne Manganese Ore to India for high grade ore has fallen with price reduction from big miners. Australian Manganese Ore grade 46% is being offered at around USD 7.3 /DMTU CIF India for January shipments
Similarly, price for grade 36-37% South-African Carbonated Ore has come down, and is being offered by a bunch of miners at around USD 6.25 /DMTU CIF India. There has been pressure on miners from China and India to cut prices, in line with the low demand for Manganese Alloys.
For China, Eramet Comilog released the price of manganese ore for January 2019 shipment to China, with Mn 44% Gabon lump reported at USD 7.05 /dmtu, down by USD 0.25 /dmtu from last month; Mn 43% Gabon chips at USD 6.65 / dmtu, down by USD 0.45 /dmtu from last month. In addition, UMK released a new round of manganese ore offer for January 2019 shipment to China, with Mn3 6% South Africa lump reported USD 6.2 /dmtu, down USD 0.75/dmtu.
Prices of imported Manganese Ore are under pressure and likely to come down further if the lack of demand persists. The stock levels of Manganese Ore with Manganese Alloy smelters in India is still low and nobody is willing to take long positions on the Ore unless there is clarity in the direction of Manganese Alloys market. All the shipments which are scheduled to arrive at Indian ports were booked at previous high prices and the Manganese Alloys production cost will still be under pressure due to this.
Chinese demand for imported Manganese Ore has also come down sharply and imported Manganese Ore prices will continue to be under pressure at least for the time being.
source: SteelMint
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