SHANGHAI, May 16 (SMM) – Prices of manganese ore imports are likely to remain weak in the short term without firm support from the overall sluggish market, SMM believes. South 32 offered Australian ore with 46% Mn at $7.3/dmtu cif in the second round of offering in June, down $0.5/mtu from the last round.
The decline in domestic spot manganese ore prices currently exceeds the decline in international spot manganese ore prices, and this exerted much cost pressure on importers and domestic plants. Lower international prices in this round of offers are likely to ease some of this pressure.
This round of offers by South 32 is equivalent to costs for spot manganese ore of about 54 yuan/mtu, almost in line with the latest traded prices in the Chinese spot market.
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