India: Imported Manganese Ore Prices Likely to Rise
Global manganese ore prices are likely to rise amid shortage of material at Chinese Ports. South African Carbonate Ore prices have raised due to unavailability of abundant material in the ports.
If prices increase further, the frozen material at the Chinese Stocks becomes available, which makes the market further vulnerable as the risk of liquidation persists owing to the traders who have been waiting to make sell their material above their initial purchase price. High Stocks were accumulated in the Chinese Ports which seeded the perception of oversupply, whereas the real reason behind weak ore prices were the deteriorating sentiments.
Market Participants believe that the recovering alloys prices and improving demand may help the ore prices to pick up. Although, the prices of Australian and Gabonese Ores fell this week, but they are also likely to follow the South African price trend. Prices for Australian Lumps, Mn 46%, Fe 5% are down to USD 6.3/dmtu CIF India. South African Carbonate Ore (Lumps, Mn 37-38%) has increased to USD 5.6/MT CIF India, and Manganese Ore Lumps, Mn 44%, Fe 5% from Gabon is down at USD 5.8/dmtu for August Shipments.
On the future outlook, buyers predict that the prices may rise in line with low inventory at ports. With the rising prices, the problem of freezing and averaging out methods being practiced in the Chinese Ports may reduce. However, the demand for alloys plays a major role in the pricing structure of Manganese Ore.
source: SteelMint
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