Seaborne high-grade manganese ore index in China drops
Seaborne low-grade cif and fob ore prices range bound
Port ore prices drop to encourage buying interest
Alloys slide in China, India amid weak demand
Alloys stable in Europe, United States
The high-grade manganese ore price in China slid in the week ending Friday 30 August for the second consecutive session amid weakening market sentiment resulting from further yuan depreciation and uncertainty over demand for manganese alloys in the near term.
Fastmarkets’ manganese ore index 44% Mn, cif Tianjin fell by $0.13 to $5.50 per dry metric tonne unit (dmtu) in the latest assessment period ended on August 30 on Friday.
Although major high-grade manganese ore miners had not announced their offer prices for October delivery, many Chinese market participants expected lower prices, citing rising costs risks.
The depreciation of the yuan means purchases of ore imports in US dollars became more expensive.
“We expect the...