Seaborne manganese ore prices in China slide amid coronavirus-led soft sentiment

The seaborne price of manganese ore in China fell to a two-months low in the week ended Friday March 13, after miners cut their offer prices in an attempt to offload material amid deteriorating sentiment.

Market sentiment in China was further weakened by lower alloy prices, high inventories and mounting concerns about the global effects of the 2019-nCoV coronavirus, while there were also indications of some position-taking, according to market participants.
Fastmarkets’ manganese ore index, 37% Mn, cif Tianjin slipped to $3.95 per dry metric tonne unit (dmtu) on March 13, down by $0.16 per dmtu or 3.9% week on week.
The corresponding index for manganese ore, 37% Mn, fob Port Elizabeth also fell on Friday by $0.16 per dmtu or 4.6% week on week to a two-months low of $3.30 per dmtu.
“There is lots of material being offered but deals are not being concluded,” a producer said.
Some producers of low-grade material brought down their offer prices but still faced reluctance from buyers.

“No one is going to pay more than $4.00 per dmtu to...

Published

Janie Davies

Jon Stibbs

Amy Lv

March 16, 2020

18:19 GMT

London, Shanghai