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Manganese ore slips, buyers eye further discounts

Manganese ore spot prices to China came off Friday as a lack of buyers continued to exert pressure on sellers.

Platts assessed its weekly 44% manganese ore price at $2.77/dry mt unit from $2.80/dmtu CIF Tianjin, and 37% manganese ore at $2.60/dmtu from $2.65/dmtu same basis.

A Chinese trader source said buyers were all expecting to hear sellers discounting further for June shipment.

“Very quiet, all are asking about June now. We also expect lower but nothing official is out yet,” he said.

He added with the outlook for prices remaining dim, there was no rush to buy.

There was also talk in the market that prices may rollover for June shipment. One seller said he was seeing more demand for material into Tianjian over the week.

A seller source said: “Short term I think all prices will be rangebound especially if prices really rolled over.” With no confirmation for Australian origin 46% manganese ore prices for next month, the seller added he was also waiting to hear news in the following week.

An Indian trader said prices remained under pressure as buyers were pushing for discounts and buying less seaborne ore.

With cutbacks in Indian manganese alloys production and less demand from the Chinese, he noted there was a lot of ore that miners were keen to sell.

Prices in Tianjian were reported at Yuan 24.5-25/dmtu for Australian 46% manganese, Gabon 44% manganese ore at Yuan 23/dmtu and South African origin 37% manganese ore at Yuan 22/dmtu.
Source: Platts