Prices at Chinese ports consolidated their increases, with suppliers citing tighter supply and financial losses
they had incurred in the first three quarters of this year due to a sluggish market as factors that led to their higher offers.
Some of these higher offers, especially those for high-grade material, have gained acceptance in the market and deals have been concluded at these levels.
Fastmarkets’ manganese ore port index, base 44% Mn, range 42-48%, fot Tianjin, China
was 46.10 yuan ($7.22) per dry metric tonne unit (dmtu) last Friday October 22, up by 1.50 yuan per dmtu (3.4%) from a week earlier.
Although current prices are profitable for sellers, some of them are starting to hesitate to sell amid a likelihood of prices in the seaborne market increasing in tandem with the movements at Chinese ports when the next round of offers are issued.
“Inevitably, miners will...