Consumer resistance to recent high prices pushed low-grade manganese ore prices lower on Friday March 23, while manganese alloy prices in Europe and the United States were unchanged in quiet market conditions.
Consumer backlash drives low-grade ore prices lowerHigh-grade ore prices keep edging upChinese alloy futures and physical prices weaken furtherAlloy prices weaken in IndiaAlloy prices hold in Europe and US Manganese ore prices slipped further on Friday March 23 after consumers in China increasingly avoided buying fresh material and threats to cut alloy supply escalated. Metal Bulletin's weekly 37% manganese ore index, fob Port Elizabeth dropped 10 cents to $7.42 per dry metric tonne unit (dmtu) on Friday. Metal Bulletin's 37% manganese ore index, cif Tianjin dropped 7 cents to $8.14 per dmtu, while Metal Bulletin's 44% manganese ore index, cif Tianjin rose 4 cents to $8.82 per dmtu. "Manganese ore buyers are starting to show strong resistance to these prices and procurement is beginning to slow down," a Shanghai-based trader told Metal Bulletin. Buyers say they plan to hold off purchasing until alloy production cuts...