Normally volatile low-grade manganese ore prices have held relatively steady since rebounding from this year’s lows in January, after which market participants toned down fears of oversupply in the alloy market.
Fastmarkets' 37% manganese ore index, fob Port Elizabeth stands at $5.53 per dry metric tonne unit (dmtu) as of April 5, having traded at a 2019 high of $5.57 per dmtu in late February.
The index dipped as low as $4.99 per dmtu on January 8, the lowest price the index has recorded in 2019.
The slump came amid widespread concerns that new alloy production in China would push ore and alloys market into oversupply, which would also undermine prices upstream.
There is still no major surplus in global manganese ore and alloy markets, but some sources remain bearish, particularly since it was revealed...