India: Imported manganese ore prices remain stable w-o-w
Imported manganese ore prices into India have remained stable for two consecutive weeks...
Imported manganese ore prices into India have remained stable for two consecutive weeks after a hike in the first week of Jun '21. The increase in the spot prices happened after the major manganese ore miners released their prices for June shipments. However, demand from the Chinese spot market remained tepid which resulted in weak transactions and thus the price change remains relatively flat.
Meanwhile, in India, manganese alloy smelters are now waiting for MOIL to release its manganese ore prices. There is increased anticipation in the market that the manganese ore prices might increase in line with the increased alloys prices.
However, due to stable imported ore prices from South Africa, which remains the largest manganese ore market for India, it is expected that the price increase by MOIL might be limited to marginal levels.
Imported manganese ore offers
Prices of imported manganese ore this week:
CNF China, Mn 37%, South African origin: $4.7/dmtu;
CNF China, Mn 44%, Gabonese origin: $5.12/dmtu;
CNF India, Mn 37%, South African origin: $4.85/dmtu;
CNF India, Mn 44%, Gabonese origin: $5.25/dmtu;
CNF India, Mn 44%, Australian origin: $5.60/dmtu
Manganese ore production to rise 13% in 2021: IMnI
Global manganese ore production is expected to increase by 7.60 million tonnes (mn t) in 2021 owing to the new mining projects in Africa and Australia and improved production from the existing mines, in the aftermath of the pandemic, according to the Chinese representative of IMnI at the International Ferro Alloys and Mineral Products summit. According to the IMnI representative, production dropped severely last year, (especially in South Africa, by 2.7 mn t y-o-y). According to the IMnI data, production in Africa and the Middle East will increase by 5.21 mnt this year, with a number of new projects under way in South Africa and Gabon.
Meanwhile, Asia and Australia will also increase their production by 1.22 mnt owing to the new expansions under way in Australia and recovered production in Burma, Indonesia and Malaysia.
Although freight rates are soaring, higher silico manganese prices are giving producers a higher margin and allowing them to absorb the higher manganese ore prices.
Meanwhile, the smelters are also in wait-and-watch mode before MOIL releases its fresh round of prices.