GLOBAL MANGANESE WRAP: Yuan depreciation, weak sentiment drag down ore prices in China

Seaborne manganese ore prices continued to fall this past week amid rising risk aversion among Chinese buyers, partly due to the depreciation of yuan against the US dollar, while a weak alloys market also dampened consumers’ appetite for seaborne cargoes.

  • Seaborne low-grade, high-grade manganese ore prices continue to soften.
  • Silico-manganese prices dip further in China.
  • Indian silico-manganese prices widen downward.
  • Both ferro-manganese, silico-manganese prices unmoved in Europe.
  • US ferro-manganese price moves up, while silico-manganese unchanged.

Seaborne low-grade manganese ore prices continued on a downward trajectory for the third consecutive week on Friday August 9 after some ore producers cut their offer prices for September-delivery cargoes to encourage sales in response to elevated risk aversion among Chinese buyers.
Fastmarkets’ manganese ore index 37% Mn, cif Tianjin fell by 10 cents week on week to $5.29 per dry metric tonne unit (dmtu) on August 9.
Fastmarkets’ manganese ore index 37% Mn, fob Port Elizabeth moved down by 6 cents over the same comparison to $4.58 per dmtu.

The decline in ore prices comes amid heightened risk aversion among buyers, partly driven by weakness in the Chinese currency. A weaker yuan...

Published

Janie Davies

Chris Kavanagh

Jon Stibbs

Amy Lv

August 13, 2019

09:55 GMT

Shanghai, London, New York, Galway