Weakening manganese ore port prices, high stocks dampen seaborne market

Seaborne manganese ore prices for both grades in China nudged down in the week ended Friday November 29 after buying sentiment was dented by falling port-side ore prices and the continued rise in port-side inventories.

Spot liquidity was light last week in advance of miners making their offers for January cargoes.
Fastmarkets' index for manganese ore, 44% Mn, cif Tianjin edged down by 1 cent week on week to $3.73 per dry metric tonne unit (dmtu) on November 29.
Fastmarkets' manganese ore index, 37% Mn, cif Tianjin dropped 2 cents week on week to $3.30 per dmtu on Friday.
Meanwhile, Fastmarkets' index for manganese ore, 37% Mn, fob Port Elizabeth grew by 5 cents week on week to $2.71 per dmtu on the same day.

The 37% fob index is calculated with specific fob data, when it is available, and subtracting the freight rate from the cif price. The cif market is considerably more liquid than its fob...

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