Weaker sentiment for 37% manganese ore cif China narrows premium over 44% grade

The low-grade seaborne manganese ore indices retreated on Friday May 1, hit by disappointing alloy tender prices and softening local alloys futures prices.

Fastmarkets’ manganese ore index 37% Mn, cif Tianjin fell by $0.18 to $6.61 per dry metric tonne unit (dmtu) on Friday, down 2.7% from the prior week.
The manganese ore index 37% Mn, fob Port Elizabeth dropped by 2.4% or $0.15 to $6.16 per dmtu on the same day.
Market participants attributed the softening to a correction after the prices leapt in the previous session when the first offer was made since South Africa went into lockdown on March 26.
“Last week’s [session ended April 24] price hike was the result of panic that low-grade ore offers had been absent from the market for about one month,” a trader said. “However, the hike was overdone.”

Since the offer was made, confidence among ore buyers has been hit by falling local silico-manganese alloys futures prices and a lower than expected tender...

Published

Susan Zou

Jon Stibbs

May 04, 2020

09:54 GMT

London, Shanghai