Metal Bulletin’s 37% manganese ore index, fob Port Elizabeth
jumped 58 cents to $5.55 per dry metric tonne unit (dmtu), equivalent to $6.25 per dmtu on a cif basis.
Metal Bulletin’s 44% manganese ore index, cif Tianjin
was up 44 cents at $6.61 per dmtu.
Until the end of last week, silico-manganese futures on the Zhengzhou Stock Exchange (ZCE) had been soaring due to speculation.
Alloy production cuts had justified higher offer prices from smelters still producing and had allowed manganese ore producers to command higher prices for the smelters’ raw material.
But from there, sentiment took over - market participants were struck by FOMO, or fear of missing out, inspired by the profits made in 2016 when traders drove manganese ore prices above $9 per dmtu.
“It’s silico-manganese futures. And a serious outbreak of FOMO,” a producer told...