SHANGHAI, Nov. 18 (SMM) –
Manganese ore prices at ports remained depressed last week. South African manganese ore gained more favor than others, though. Large quantities of manganese ore have arrived in China recently, causing inventories to mount. This was compounded by tepid demand. Against this backdrop, manganese ore prices will come under greater downward pressure. Manganese ore mining in Turkey will be negatively affected with the arrival of the rainy season. This will cause supply of Turkey manganese ore to drop till next February or March.
In the Port of Tianjin, mainstream traded prices for Australian manganese ore (Mn48%, lump) were RMB 40.5-41.5/mtu; RMB 35-35.5/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 35/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).
Approximately over 20,000 mt of manganese ore arrived in China last week, bringing total inventories at ports to 2.58 million mt. Inventories were 1.43 million mt in the Port of Tianjin, 800,000 mt in the Port of Qinzhou, 150,000 mt in the Port of Lianyungang, 140,000 mt in the Port of Zhanjiang, and 60,000 mt in the Port of Fangchenggang. Manganese ore that arrived last week was from Malaysia, Brazil, Australia and Ukraine.
SMM expects growing inventories and anemic demand to expose manganese ore prices at ports to downward pressure this coming week.