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Weak demand for manganese alloys triggers a sharp drop in ore prices
The arrival volume of imported goods increased by 55% year-on-year
The imported manganese ore market in India has experienced a comprehensive decline, mainly due to ongoing challenges in alloy exports. In addition, Comilog's price reduction for October shipments also led to a drop in spot prices, making market participants unwilling to purchase immediately.
Price Trend:
Australian high-grade manganese ore (with a manganese content of 46%): The price dropped by 1.05/dmtu w-o-w to $5.4/dmtu CIF India, reaching a 4-month low.
Gabon's high-grade manganese ore (with a manganese content of 44%): The price dropped by $1.0/dmtu to $5.05/dmtu CIF India, reaching a low point of about 4 months.
South African manganese (manganese 37%): The price has fallen to its lowest point in 7 months at $3.9/dmtu CIF India, a decrease of $0.10/dmtu-the same level seen in last week of January 2024, reflecting reduced demand for low-grade manganese alloys.
Market Overview
The manganese alloy market is facing a serious decline: the global manganese alloy market is currently experiencing a significant decline, characterized by a significant decrease in demand and prices. Multiple factors such as oversupply, global steel production slowdown, and reduced inquiries from importing countries have collectively led to this challenging market environment.
The main export ports reported that inventory levels have increased as smelters implement strategic measures to mitigate losses during market downturns. The decline in demand for manganese alloys has led to significant downward pressure on imported manganese ore prices.
The silicon manganese market is under pressure: The Indian silicon manganese market continues to face significant challenges, with prices plummeting significantly over the past week. Panic selling and price decline have pushed domestic silicon manganese prices to a five month low, reaching INR 65,800-66,000 per ton in Raipur, Durgabur, and Visakhapatnanda. This means a weekly reduction of approximately 1,000 Indian rupees per ton ($12 per ton).
The downward trend in the market has also affected export quotations, with a decrease of approximately $15 per ton. The sluggish overseas trade caused by the decline in consumption in major importing countries has exacerbated the weakness of the manganese market.
Arrival time of imported goods:
From September 4th to September 10th, India's manganese ore imports increased by 55% w-o-w, with a total shipment of 226,288 tons, compared to 146,158 tons in the previous week.