Prices for seaborne low-grade and high-grade manganese ore were on divergent paths in the week ended Friday November 8, with the former continuing to trend downward on persistently weak market sentiment while the latter experienced a slight rebound following a number of large-volume deals.
Fastmarkets' manganese ore index 37% Mn, cif Tianjin dropped by 10 cents week on week to $3.25 per dry metric tonne unit (dmtu) on November 8, setting a new all-time low since Fastmarkets began calculating the index in February 2018.Fastmarkets' manganese ore index 37% Mn, fob Port Elizabeth dropped by 3 cents week on week to $2.52 per dmtu on November 8. The slower decline in the fob index compared with the cif index was the result of a reduction in freight rates last week compared with a week prior.Some miners were heard to have sold off their December-delivery seaborne low-grade manganese ore and many buyers are expecting a lower offer price for cargoes...