India: Imported Manganese Ore Prices sink to 2-year low
Oversupply and low demand are pulling down the seaborne Manganese ore market. Major importers like China and India are postponing their shipments from South Africa as the alloy manufacturers hope the prices to fall further. With the dipping Manganese alloy prices, the producers are approaching to the cost line and the buying interest of steel manufacturers are tepid. In addition to this, the present inventory levels with the producers are restraining them from booking any more consignments.
Silico Manganese Prices have bottomed out and the producers are dealing at lower levels, with few, selling below their production cost and the situation doesn’t seem will change for a while. The prices of Ferro Manganese are however a bit stable, but this stability is not because of better market conditions instead it’s due to comparatively fewer producers supplying in the domestic market.
Prices for Australian Lumps, Mn 46%, Fe 5% is down to USD 5/dmtu CIF India. South African Carbonate Ore (Lumps, Mn 37-38%) is down to USD 4.30/MT CIF India, and Manganese Ore Lumps, Mn 44%, Fe 5% from Gabon is down to USD 4.65/dmtu for December Shipments. Prices have fallen significantly by up to 11% M-o-M in line with low transactions.
source: SteelMint
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