Seaborne prices for both low- and high-grade manganese ore in China continued to move downward in the week to Friday October 16, with producers lowering their offer prices for 37% material and sentiment weakening for 44% ore, market participants told Fastmarkets.
Increasing stock levels and falling portside ore prices also weighed on demand, they added.
Fastmarkets'
manganese ore index, 37% Mn, cif Tianjin, was $4.03 per dry metric tonne unit (dmtu) on October 16, down by 7 cents per dmtu, or 1.7%, from $4.10 per dmtu a week before.
The corresponding
manganese ore index, 37% Mn, fob Port Elizabeth, dropped by 6 cents per dmtu, or 1.8%, to $3.35 per dmtu on the same day, from $3.41 per dmtu in the previous week.
"There is not much buying appetite out there. It was still a struggle to sell, even after lowering our offer price. Stocks levels are just too high," a producer of 37% material said.
The 37% manganese ore market has been falling since September 11 this year, while stocks at Chinese ports have continued to rise.
"The price is not low enough yet...