Manganese Ore quoted by major Miner was dropped by USD0.5/DMTU cif China basis for May shipment.Followed by Brazil, price quoted usd3.8-4.0/dmtu Cif China basis for 38-40% grade Manganese Ore. Such big and sharp decreased,it was realy suprised that Major Miner did decrease the price very afew in April.Is it realy bottomed now for Manganese Ore in May at this level? Let's take a look whether the Major Miner have reduced their capacity of Ore or not,and also we outlook the Manganese ore future market from the point of RMB currency aspect. Invetory is another key factor to influence the market.Qinzhou port, One of South port of China stocked huge quantity of Manganese ore which it has been stocked for long time, and grass even is growing from there. Chinese Currency uesed to appreciated only, but from March, RMB started to depreciate from 6.03 to 6.23 per dollar exchange. Although Dahe Capital Forcasted RMB will drop to 6.83 per dollar,Chinse Economy weakness shows that RMB just started to return its true value. ALong the RMB depreciation, Cost of import price of Mn ore will push higher,financial cost of the payment meanwhile is going up. On this view,when the cargo sold in April will arrive to China in May, the actual spot price could not be lower than the price by usd0.5/dmtu reduced. Chinese Manganese importers and producers might not be getting lower cost compare with the price of Manganese Alloys bid by steel producers. As well known that steel producers only have possiblity to force down the Ferroalloys and Manganese ore prices, but they have no power to push the price of Iron ore . It is very hard time for Manganese alloys producers now, they can not stand up the Alloys prices and force down the Ore Price,over supply of Manganese alloy pushed price going down, more and more producers of Manganese will close their furnaces and not buy Manganese ore,that is the reason why manganese ore inventory in ports estamited about 5 millions unsold. We can conclude the manganese producing area in China is going to balance from South to North due to same electricy price.and Chinese currency depareciation trend may not be changed shortly and Over supply of Manganese ore situation might not be reduced by 30% in near future,and we can overview that Manganese ore and alloy prices still have room to drop,and thisconclusion also can be clearly confirmed in coming China Ferro-alloys Intl Conference on May 14-16,2014 in Beijing. Welcome to comment if you have other idea.

• [Editor:editer2]