Traders have lost large sums
on cargoes that devalued on water, arriving at their destinations worth significantly less than when they were booked.
While they would prefer not to part with material at a lower price than they paid, there is a risk that traders will liquidate their stocks before prices fall even further, in order to secure cash before the end of the year, sources said.
“We are trying to liquidate as fast as possible. At the end of last week we still had a large volume to sell. Sometimes first loss is the best option,” one trader told Fastmarkets.
Fastmarkets’ manganese ore index 37% Mn, cif Tianjin dropped 5.4% to $4.17 per dry metric tonne unit (dmtu) on Friday October 18 and has fallen...