Chinese manganese ore buyers turn away from seaborne material

Buyers of 37% seaborne manganese ore have lowered their bids for January shipments, citing the long-lasting price gap between seaborne and port markets as well as the weak downstream outlook, Fastmarkets heard on Monday December 6.

Fastmarkets’ manganese ore index 37% Mn, cif Tianjin, was assessed at $4.59 per dry metric tonne unit (dmtu) on December 3, a fall of 12 cents per dmtu (2.5%) from $4.71 per dmtu on November 26.
The corresponding price index for manganese ore, 37% Mn, fob Port Elizabeth, was $3.24 per dmtu on November 26, a drop of 22 cents per dmtu (6.4%) from $3.46 per dmtu on November 26.
“I am quite pessimistic about demand,” a producer said. “Customers are weary of paying above the [level of the] portside spot market for seaborne material.”
The current imbalance in prices meant that seaborne ore prices must fall and the portside market must rise, according to one market participant.

“Seaborne prices are on a serious downtrend. It is not sustainable that portside prices remain higher than seaborne – and the sooner the sellers realize it,...

Published

Jon Stibbs

Siyi Liu

December 06, 2021

19:45 GMT

London, Shanghai