India: Imported manganese ore prices extend slide w-o-w as ample stocks curb fresh buying …
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- High-cost March-April cargoes curb fresh buying, pressure imported ore prices
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- Weekly cargo arrivals rise at Indian port
Imported manganese ore prices in India continued to trend lower on a weekly basis despite a recovery in domestic manganese alloy prices, highlighting the disconnect between alloy realizations and raw material procurement activity. Market participants indicated that most alloy producers are currently operating on inventories accumulated earlier and are consuming high-cost imported cargoes booked for March-April arrivals.
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- Australian high-grade ore (Mn 46%) remained stable w-o-w to $5.8/dmtu CNF Haldia/Vizag.
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- Gabonese high-grade ore (Mn 44%)decreased $0.13/dmtu w-o-w to $5.5/dmtu CNF Haldia/Vizag.
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- South African lumps (Mn 37%)were down by $0.3/dmtu w-o-w to $4.75/dmtu CNF Haldia/Vizag.
Market overview:
Consumption of costly April cargoes slows fresh ore buying: The weakness in imported manganese ore demand is largely attributable to the substantial inventories accumulated by Indian smelters during April. At the time, concerns over tightening global supply and reduced allocations from major miners prompted alloy producers to secure sizeable volumes at elevated prices.
These high-priced cargoes are now arriving and being consumed, leaving producers with comfortable inventory levels across key alloy-producing regions. Consequently, fresh ore procurement has taken a back seat, with most buyers adopting a cautious, wait-and-watch approach. Although domestic manganese alloy prices have shown signs of recovery in recent weeks, the improvement has yet to translate into stronger raw material demand, as smelters continue to rely on existing stocks rather than entering the market for fresh bookings. As a result, spot market activity remains subdued, and ample inventory availability continues to weigh on imported manganese ore prices.
Stronger alloy demand lifts Mn alloy prices, ample inventories weigh on ore: Indian manganese alloy prices moved up w-o-w, supported by limited spot availability, stronger buying interest, and firm production costs. Silico manganese (60-14) prices increased by INR 750/t ($8/t) to INR 75,200-76,000/t ($785-793/t), while HC 65-16 export prices rose by $12/t to $918/t FOB Vizag/Haldia. Ferro manganese (70%) prices also strengthened to INR 79,000/t ($825/t) across Raipur and Durgapur, with 75% grade export prices gaining $10/t to $922/t FOB Vizag/Haldia.
Imported manganese ore arrivals rise w-o-w:Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 37% to 293,686 t over 31 May -06 June 2026 against 214,703 t in the previous week.
Outlook:
Market sentiment is expected to remain cautious in the near term, with ample inventories and muted spot activity likely to keep imported manganese ore prices under pressure. However, a sustained rise in alloy demand and inventory drawdowns could revive buying interest and support prices.
