SMM Manganese Ore Weekly Price Review and Forecast (Apr. 14-18, 2014)

SHANGHAI, Apr. 14 (SMM) – 

Review:
Manganese ore prices at ports extended losses last week. Downstream producers were little interested in buying out of bearish sentiment over future manganese ore prices. This has led to mounting port inventories, putting downward pressure on manganese ore prices.

Prices:
In Tianjin port, mainstream traded prices were RMB 35.5-36/mtu for Australian manganese ore (Mn46%, lump), RMB 30.5-31/mtu for South African semi carbonate manganese ore (Mn38%, lump), and RMB 33.5-34/mtu for Brazilian manganese ore (Mn45%Fe5%, lump).

In southern ports, Australian manganese ore (Mn46%, lump) was largely quoted at RMB 35.5-36/mtu. Mainstream traded prices were RMB 30.5-31/mtu for South African semi carbonate manganese ore (Mn38%, lump), and RMB 33.5-34/mtu for Brazilian manganese ore (Mn45%Fe5%, lump).

Inventories:
Inventories at ports totaled 3.15 million mt last Friday, down slightly on a weekly basis. Stocks were 1.6 million mt at Tianjin port, 150,000 mt at Lianyungang port, 1.2 million mt at Qinzhou port, 98,000 mt at Beihai port, and 50,000 mt at Fangchenggang port.

Forecast:
SMM expects manganese ore prices at ports to remain depressed this week due to tepid demand.