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MANGANESE ORE INDEX: Prices diverge as Chinese demand lags rest of world
January 24, 2014 - 14:50 GMT
Prices for low- and high-grade manganese ore continued to diverge on Friday January 24, reflecting lower demand in China than in the rest of the world, where economies are showing signs of recovery.
Metal Bulletin’s index price for 44% manganese
ore cif Tianjin fell by 2 cents to $5.1 per dmtu.
Metal Bulletin’s index price for 38% manganese
ore, fob Port Elizabeth rose by 6 cents to $3.84 per
dmtu. High inventories and cheap offers for local cargoes
are keeping Chinese prices low, as the country winds down for
its New Year holiday. Anyone who does need material will favour
cheaper local cargoes over fresh imports, sources said. "We are
already having a holiday as there’s almost no
business; smelters who need to buy have already finished
purchasing in the past few weeks," a trader from
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Euromoney Institutional Investor PLC.
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