Imported Manganese Ore Prices Shoot Up Tracking Chinese Silico Manganese Price

10 April  2017

Prices for manganese ore spiked sharply this week, on improved market sentiment, as steel and manganese alloy prices in China have picked up in recent weeks. Manganese ore prices rose sharply this week, supported by soaring silico manganese futures prices in China and higher offers from South Africa as the Rand strengthens.

Prices have been rising for a variety of reasons in recent weeks, such as soaring silico manganese futures prices and even mere bullish sentiment, despite the large volume of stock sitting at Chinese ports, which has already exceeded 3.4 million tonnes. But the high stocks are not priced into today’s market, partly because much of the material remains in a state of limbo.

Whereas, Indian manganese alloy producers had been waiting for ore prices to find a floor before buying and have been caught out without material. An Indian consumer source expected the improving and converging prices to be temporary, as the rising Ore prices could activate the frozen Manganese Ore in China, which have been lying with the banks, and international manganese ore prices could soon come crashing down.

Offers for South African 37% Carbonate ore were pegged at USD 4.5/dmtu delivered to both China and India.

Australian 45%-46% manganese ore was heard to be offered at USD 5.8/dmtu CIF India April loading, while Offers for Gabon 44% ore were heard at USD 5.2/dmtu CIF India.

Source – steelmint