Seaborne low- and high-grade manganese ore markets hit half-year highs in the week to Friday October 18 due to strong sentiment stemming from good Chinese demand amid rising portside markets.
Low-grade achieves higher prices
South African producers offered semi-carbonate for November shipment at higher prices after the Golden Week holiday (October 1-7).
Fastmarkets' calculated the
manganese ore index, 37% Mn, cif Tianjin at $4.74 per dmtu on Friday, up by 15 cents per dmtu (3.3%) from $4.59 per dmtu the previous week.
Strong restocking demand and easing electricity restrictions in the manganese alloy producing areas of Inner Mongolia and Guangxi supported demand.
"It will be interesting [to see] if this is merely restocking after the holiday or part of a larger trend due to increased consumption," a producer said.
Traders in China had improved buying appetite due to optimism about a
further price gain in the portside ore market.
"Current offers in the seaborne market came slightly higher than the port markets, but unlike previously in the markets where no positive signs...