The markets for different grades of manganese ore are diverging rapidly, with low grade prices under sustained pressure from heavy stocks at ports, sources told Fastmarkets.
Miners dropped their offers for 37% manganese while many buyers gave low counter bids based on portside prices.
Fastmarkets calculated the manganese ore port index, base 37% Mn, range 35-39%, fot Tianjin, China at 34.30 yuan ($5.29) per dry metric tonne on July 9, up by 0.20 yuan per dmtu from 34.10 yuan per dmtu the previous week.
Manganese alloy producers were more cautious in seaborne procurement due to bearish sentiment fueled by steel mills' plans to cut their production in the second half of this year.
"There are concerns that the silico-manganese market will weaken after mills reduce their demand, therefore smelters, who were willing to accept high-priced seaborne cargoes because of profitable alloy prices, are looking for a bargain now,"...