Fastmarkets’ manganese ore index 37% Mn, cif Tianjin, plunged 67 cents per dry metric tonne unit to $3.50 per dmtu on Friday.
The index has recorded a fall of 24.9% in October.
Fastmarkets’ assessment for manganese ore 37% Mn, fob Port Elizabeth, fell by 60 cents week-on-week to $2.70 per dmtu, the lowest level since March 6, 2017 when it was at $2.23 per dmtu.
Lower-than-expected offer prices attracted some Chinese ore traders back into the market and sparked a surge in liquidity, according to market sources.
“I thought initial offers would stay above $4 per dmtu,” a Chinese market participant said. “And I believe many buyers will be willing to secure some volume of ore at the offered price because it’s relatively safe to build positions now.”
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