A sharp increase in manganese ore market liquidity over the past two weeks reflects renewed consumer interest after price falls and fresh position-taking by traders, according to market participants.
Metal Bulletin's 44% manganese ore index, cif Tianjin dropped 84 cents week on week to $6.55 per dry metric tonne unit (dmtu) on Friday May 18. Similarly, Metal Bulletin's 37% manganese ore index, cif Tianjin dropped 28 cents to $5.94 per dmtu on the same day, and the 37% manganese ore index, fob Port Elizabeth dropped 29 cents to $5.30 per dmtu. Manganese ore prices have been sliding since March amid fierce resistance from manganese alloy smelters who are increasingly dictating the prices they are prepared to pay - sometimes in unity - and refusing to back down. Resulting lower prices...