Seaborne manganese ore prices at 7-week low on bearish sentiment, low offers

Seaborne prices for both low and high-grade manganese ore in China tumbled to seven-week lows in the week to Friday June 5 after some miners reduced offer prices for July-delivery cargoes significantly amid a bearish sentiment prevailing in the domestic market, sources said.

Fastmarkets’ manganese ore index, 37% Mn, cif Tianjin fell to $5.21 per dry metric tonne unit (dmtu) on June 5, down by 72 cents or 12.1% from $5.93 per dmtu on May 29. The latest price has marked a drop of 23.3% from $6.79 per dmtu recorded on April 24 on mounting concerns over ore supply due to the nationwide lockdown in South Africa starting from midnight on March 26.
Fastmarkets’ manganese ore index, 37% Mn, fob Port Elizabeth dropped by 73 cents or 13.5% to $4.67 per dmtu, from $5.40 per dmtu on May 29. The latest price has registered a dip of 26% from $6.31 per dmtu on April 24.

Published

Jon Stibbs

Amy Lv

June 08, 2020

16:10 GMT

Shanghai, London