The Chinese domestic manganese ore market has continued its stable trend during the past week. The mainstream quotations of Australian lump ore with 46 percent Mn content currently stand at $8.96/dmtu (RMB 60/dmtu) at China’s Tianjin port, while offers of lump ore of 48 percent Mn content are at $8.51/dmtu (RMB 57/dmtu). Also at Tianjin port, quotations for 44 percent grade Mn ore from Gabon are at $8.66/dmtu (RMB 58/dmtu), while offers of South African lump ore of 38 percent Mn content are at $8.06/dmtu (RMB 54/dmtu). ($1 = RMB 6.70)
Overall trading activity in the Chinese manganese ore market has remained at low levels mostly because downstream manganese alloy producers still hold high inventories of manganese ore and believe that current prices of ore are on the high side. Accordingly, although downstream users have mostly returned from their holiday and increased production, their demand for manganese ore has remained at low levels. As for the week ahead, considering that demand for manganese ore may increase slightly and given the ongoing strength of overseas suppliers’ ore quotations, it is believed that the Chinese manganese ore market may move sideways or move up slightly.