SHANGHAI, Oct. 28 (SMM) –
Overall trading at ports was modest last week. Manganese ore traders in China’s northern ports held offers firm out of growing optimism over future prices. A majority of traders in southern ports held quotations stable, but some cut offers slightly. UMK raised its offers of South African mixed carbonate manganese ore to Chinese buyers for November delivery by USD 0.1/mtu, meaning there is a little chance that other overseas suppliers will cut offers. Meanwhile, silicomanganese alloy prices will probably drift higher in November, which will help manganese ore prices stabilize.
In the Port of Tianjin, mainstream traded prices for Australian manganese ore (Mn48%, lump) were RMB 41-41.5/mtu; RMB 34.5-35/mtu for South African mixed carbonate manganese ore (Mn38%, lump), RMB 38.5-39/mtu for South African high-iron manganese ore (Mn35-36%, Fe18%), and RMB 37/mtu for Brazilian manganese ore (Mn45%Fe5%) . In southern ports, the mainstream quotations for Australian manganese ore (Mn48%, lump) were RMB 40.5-41/mtu. Mainstream traded prices were RMB 38.5-39/mtu for South African high-iron manganese ore (Mn35-36%, Fe20%); RMB 34-34.5/mtu for South African mixed carbonate manganese ore (Mn38%, lump), RMB 39.5/mtu for Australian high-silicon manganese ore (Mn36%, Si20%), and RMB 37/mtu for Brazilian manganese ore (Mn45%Fe5%, lump).
Manganese ore inventories at ports dropped slightly to 2.58 million mt last week. Inventories were 1.55 million mt in the Port of Tianjin, 760,000 mt in the Port of Qinzhou, 170,000 mt in the Port of Lianyungang , and 50,000 mt in the Port of Fangchenggang.
SMM expects manganese ore prices will to remain little changed this coming week, except for a potential slight uptick for selected categories due to rising silicomanganese alloy prices