SHANGHAI, Oct 22 (SMM) – Inventories of manganese ore across Chinese ports rose to an all-time high of 4.37 million mt as of Monday October 21, showed an SMM survey, as second-tier traders and downstream consumers—alloy producers—remained on the sidelines in a falling market.
Prices of manganese ore across Tianjin and Qinzhou ports saw declines accelerate this month. It was heard that South African semi-carbonate manganese ore with Mn 36% will be traded below 38 yuan/mtu in the north. SMM assessments showed that prices of South African semi-carbonate manganese ore with Mn 38% at Tianjin port hit a 2019 peak of 50 yuan/mtu in March.
The falling prices rattled the market, leading to the departure of a growing number of traders.
Despite lower offers, first-tier traders struggled to discharge their cargoes, with excessive stockpiles of manganese ore that originated from Brazil, Zambia and Gabon across Chinese ports.