Metal Bulletin’s 44% manganese ore index, cif Tianjin rose 3 cents to $5.18 per dmtu on April 18, after dropping 6 cents on April 7.
Metal Bulletin’s 37% manganese ore index, fob Port Elizabeth fell 3 cents on Tuesday April 18 to $3.88 per dmtu, having risen every week since early March.
The price rebound that started in March was largely driven by non-fundamental factors, such as rising silico-manganese futures prices, raising concerns among producers who feared the recovery could not be sustained without real demand.
Silico-manganese futures prices have lost 16% over the past month, while physical spot prices have also fallen, prompting suppliers selling ore in Chinese ports to cut their offer prices, even as international miners keep seaborne prices steady.
It is likely that prices will remain volatile in the coming months as silico-manganese futures prices fluctuate between Wednesday’s price of 5,960 yuan ($866) per tonne and more than 7,000 yuan per tonne...