SHANGHAI, May. 4 (SMM) –
Review:
Manganese ore prices at Chinese ports extended losses in the week ending April 30. Major overseas suppliers cut offers for shipment to China in May by USD 0.1-0.2/mtu, and cut offers for four months in a row. Prices at Chinese ports fell immediately after overseas suppliers announced price cuts. Operating rates at SiMn alloy producers picked up slightly, but this offered little support to manganese ore prices.
Prices:
In Tianjin port, mainstream traded prices were RMB 24/mtu for Australian manganese ore (Mn46%, lump), RMB 22/mtu for South African semi carbonate manganese ore (Mn38%, lump), and RMB 21.5-22/mtu for Brazilian manganese ore (Mn45%Fe5%, lump).
In southern ports, Australian manganese ore (Mn46%, lump) was largely quoted at RMB 24-24.5/mtu. Mainstream traded prices were RMB 22/mtu for South African semi carbonate manganese ore (Mn38%, lump), and RMB 22-22.5/mtu for Brazilian manganese ore (Mn45%Fe5%, lump).
Inventories:
Inventories at ports totaled 2.94 million mt as of April 30, little changed from a week ago. Stocks were 30,000 mt at Lianyungang port (excluding bonded stocks), 1.98 million mt at Tianjin port, 840,000 mt at Qinzhou port, 26,200 mt at Zhanjiang port, 30,000 mt at Beihai port, and 30,000 mt at Fangchenggang port.
Overseas News:
BHP produced 2.05 million mt of manganese ore in Q1, up 14% YoY. The company sold 21,600 mt of manganese ore in Q1.
Forecast:
Manganese ore prices at ports might continue falling this week, due to weakening cost support and poor downstream demand.
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