High-grade manganese ore prices drop, low grade weakens more slowly
Chinese silico-manganese prices rebound
Indian silico-manganese prices claw back losses
Ferro-manganese hits 2019 low in Europe
Fastmarkets’ 44% manganese ore index, cif Tianjin, dropped to $5.88 per dry metric tonne unit (dmtu) on Friday June 14, down from $5.95 per dmtu on June 7.
Bids for low grade ore prices remained aggressive but prices weakened only slightly amid seller resistance to the lowest bids.
Fastmarkets’ 37% manganese ore index, cif Tianjin dipped to $5.26 per dmtu on June 14, down just $0.02 from $5.28 per dmtu on June 7 when the price had dropped 13 cents week on week.
Fastmarkets’ 37% manganese ore index, fob Port Elizabeth, was at $4.60 per dmtu on Friday, unchanged from last week.
“Smelters bid lower because they believed producers were still under pressure to sell,” a second trader said.
Other market participants expected...