Prices of imported manganese ore stabilize as buyers turn active

‍‍Prices of imported manganese ore fell and then stabilized this week while sellers saw more shipments as spot prices fell to psychology-acceptable levels among buyers.

As of Thursday May 17, Australian ore with 46% Mn at Tianjin port traded at 54.5￥/mtu, compared to 56￥/mtu a week ago. South African semi-carbonated ore with 36.5% Mn traded at 47￥/mtu, compared to 48￥/mt a week ago, while Gabonese ore with 44.5% Mn traded at 51.5￥/mtu, compared to 54￥/mtu a week ago.

As high costs kept domestic importers on sidelines, South 32 lowered its offers twice this week, with Australian ore with 46% Mnemonics at 6.7$/dmtu CIF. We learned that buyers were willing to make transaction at this price level. Comilog also lowered its offers for Gabonese ore with 44.5% Mn to 6.7$/dmtu CIF on Thursday May 18.

We expect manganese port inventories to slow its upward trend, as transactions improve.

Prices of manganese ore are also likely to gain some psychological support from the surge in prices of silicomanganese futures this week, as well as from strikes in South Africa that affected manganese ore transportation.

We expect prices of imported manganese ore to stabilize next week as downstream alloy plants step up procurement on demand.

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