SHANGHAI, Apr. 27 (SMM) –
Review:
Manganese ore prices at Chinese ports continued to fall in the week ending April 24. Eramet Comilog cut offers of Gabonese manganese ore for shipment to China in May by USD 0.2/mtu to USD 3.0/mtu for lump (Mn44-45%) and to USD 2.7/mtu for granule (Mn43%), traders said. Chinese traders are suffering heavy losses. Should other overseas suppliers do not cut offers for shipment in May, Chinese traders might cut imports further.
Prices:
In Tianjin port, mainstream traded prices were RMB 24.5-25/mtu for Australian manganese ore (Mn46%, lump), RMB 22.5/mtu for South African semi carbonate manganese ore (Mn38%, lump), and RMB 23-23.5/mtu for Brazilian manganese ore (Mn45%Fe5%, lump).
In southern ports, Australian manganese ore (Mn46%, lump) was largely quoted at RMB 26/mtu. Mainstream traded prices were RMB 22-22.5/mtu for South African semi carbonate manganese ore (Mn38%, lump), and RMB 23-23.5/mtu for Brazilian manganese ore (Mn45%Fe5%, lump).
Inventories:
Inventories at ports totaled 2.93 million mt as of April 24, down from a week ago. Stocks were 1.96 million mt at Tianjin port, 30,000 mt at Lianyungang port (excluding bonded stocks), 850,000 mt at Qinzhou port, 26,200 mt at Zhanjiang port, 30,000 mt at Beihai port, and 30,000 mt at Fangchenggang port.
Forecast:
Manganese ore prices at ports might continue falling this week, due to weakening cost support and poor downstream demand.
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