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...