Weak portside ore, alloys sentiment drags down seaborne manganese ore prices

Seaborne prices for low- and high-grade manganese ore ticked down in the latest assessment on Friday May 15, after falling portside ore and futures alloy prices weighed on market sentiment.

Fastmarkets’ manganese ore index 37% Mn, cif Tianjin, fell 15 cents to $6.49 per dry metric tonne unit (dmtu) on Friday May 15, down by 2.3% from $6.64 per dmtu on May 11. 
On the same day, Fastmarkets' manganese ore index 37% Mn, fob Port Elizabeth, dropped 22 cents, or 3.5%, to $6.02 per dmtu, from $6.24 per dmtu on May 11. 
And Fastmarkets’ manganese ore index, 44% Mn, cif Tianjin, was $6.25 per dmtu on May 15, down by just 1 cent, or 0.2%, from $6.26 per dmtu on May 11.
Some traders and alloy smelters put in aggressive bids for June-shipment cargoes after noticing that portside ore prices were continuing on a downward trajectory, according to market sources.

“Some miners managed to sell [June-delivery seaborne] cargoes at above $6.80 per dmtu the previous week. But this week...

Published

Jon Stibbs

Amy Lv

May 18, 2020

15:14 GMT

London, Shanghai