The seaborne prices of both low- and high-grade manganese ore rose sharply in the week ended Friday January 8 after miners successfully raised their offer prices for February shipments with strong buying appetite from the alloy sector.
Fastmarkets'
manganese ore index 37% Mn, cif Tianjin soared by 41 cents (10%) week on week to $4.53 per dry metric tonne unit (dmtu) on Friday from $4.12 per dmtu the previous week.
Fastmarkets'
manganese ore index 37% Mn, fob Port Elizabeth increased by 36 cents (10.8%) to $3.80 per dmtu on Friday from $3.44 per dmtu on January 4.
Fastmarkets'
manganese ore index 44% Mn, cif Tianjin surged by 61 cents or 14.3% week on week to $4.89 per dmtu on Friday, up from $4.28 per dmtu the week before.
Buyers readily accepted the higher prices due to the strong alloy performance, according to market participants.
"Profitable alloy prices have stimulated many smelters to ramp up their production, driving up ore demand," an ore buyer said.
In addition to alloy strength, the healthy appetite for seaborne cargoes was...