![India: MOIL Boosts Manganese Ore Prices by Up to 35% for June 2024 - Discover the Cause](https://www.steelmintevents.com/wp-content/uploads/2024/06/New-Project-16.jpg)
- Imported manganese ore prices surge 35% m-o-m in May
- Indian domestic silico manganese prices rise
MOIL, India’s state-owned mining company, has announced a price hike for manganese ore effective from June 2024. Mn grades above 44% have witnessed a 35% growth in offers m-o-m, while lumps below 44% have increased by 30%, BigMint learned. Notably, the miner had raised offers by up to 40% last month for May’24 deliveries.
Factors that boosted prices were:
Imported manganese ore prices jump 35% m-o-m in May:Â South African origin Mn ore 37% prices witnessed a 37% m-o-m rise to monthly average of $6.09/dmtu in May 2024, compared to $4.45/dmtu in April 2024. For Australian (46%) and Gabonese (44%) origin manganese ore prices witnessed a sharp rise by 34% to $7.33/t in May 2024 as against $5.48/dmtu in April 2024 and $6.86/dmtu in May 2024 which was $5.13/dmtu in April 2024.
Global miners raise offers –Â Eramet Comilog, a leading manganese ore exporter based in Gabon, has announced its July shipments for Gabonese lump ore with 44.5% manganese witnessing a significant hike by $1.40/dmtu to $8.30/dmtu CIF China. Limited mine supply, along with China’s reduction of stockpiles, have bolstered manganese ore prices.
Moreover, cyclone Meghan has disrupted operations at South32’s GEMCO unit in June, dock operations and exports are set to recommence in the third quarter of financial year 2025 (Q3FY’25) and a major derailment suffered by Gabon has also impacted prices of imported manganese ore to shoot up.
Indian domestic silico manganese prices rise:Â The Indian silico manganese market surged by INR 18,200/t ($218/t) in May 2024, with the grade 60-14 rising by 25% m-o-m that settled at INR 90,000 /t ($1,079/t) when compared to INR 72,000/t ($863/t) exw Raipur in April 2024. The domestic silico manganese market saw a significant price surge this month. Panic buying, spurred by rising manganese ore prices in both domestic and global markets, have driven offers higher, reflecting heightened market uncertainty and demand pressures.
India’s silico manganese export prices rise:Â Silico manganese (60-14) export prices witnessed a 28% m-o-m rise by $240/t to $1,100/t FOB India in May 2024, compared to $860/t in April 2024.While, silico manganese (65-16) increased by 25% ($240/t) to $1,200/t FOB India in May 2024, as against $960/t in April 2024. The upsurge was driven by rising costs of imported ore, a key raw material for silico manganese production, and limited exportable tonnage availability, adding upward pressure on prices. With most producers heavily booked for shipments through mid-June 2024, the market experienced significant upward momentum, reflecting the combined impact of supply constraints and robust demand on price dynamics.
Indian billet prices increase by 4% m-o-m:Â The domestic billet price rise contributed to higher offers, standing at INR 44,500/t ($533/t) in May 2024, up from INR 42,800/t ($513/t) in April 2024 exw-Raipur, an increase of INR 1,700/t ($20/t). This escalation stemmed from elevated prices of sponge iron, pig iron, and silico manganese. Market trade activity settled at approximately 50,000 t in April 2024, reflecting these price dynamics and increased production costs.