Producers drop 37% cif manganese ore offers to whet weak buyer appetite

Seaborne prices for both low- and high-grade manganese ore in China continued to move downward in the week to Friday October 16, with producers lowering their offer prices for 37% material and sentiment weakening for 44% ore, market participants told Fastmarkets.

Increasing stock levels and falling portside ore prices also weighed on demand, they added.
Fastmarkets’ manganese ore index, 37% Mn, cif Tianjin, was $4.03 per dry metric tonne unit (dmtu) on October 16, down by 7 cents per dmtu, or 1.7%, from $4.10 per dmtu a week before.
The corresponding manganese ore index, 37% Mn, fob Port Elizabeth, dropped by 6 cents per dmtu, or 1.8%, to $3.35 per dmtu on the same day, from $3.41 per dmtu in the previous week.
“There is not much buying appetite out there. It was still a struggle to sell, even after lowering our offer price. Stocks levels are just too high,” a producer of 37% material said.
The 37% manganese ore market has been falling since September 11 this year, while stocks at Chinese ports have continued to rise.

“The price is not low enough yet...

Published

Jon Stibbs

Amy Lv

October 19, 2020

13:25 GMT

London, Shanghai