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The seaborne manganese ore market strengthened further in the week to Friday October 22, with sentiment supported by price increases at Chinese ports so far this month that has improved demand despite a recent downward correction of silico-manganese prices.
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.
Source: Fastmarket
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