Manganese ore participants in China bullish about market
2024-04-19 09:04:45 [Print]
Manganese ore participants in China bullish about market
BEIJING (Asian Metal) 19 Apr 24 - Because of the concrete demand from downstream smelters, the mainstream prices of South African manganese ore 36%min in China jump RMB1/dmtu (USD0.14/dmtu) to RMB33.5-34.5/dmtu (USD4.63-4.77/dmtu). Market participants predict that the prices would stay at the high level in the coming days.
A trader in Guangdong revealed that currently they quote RMB36/dmtu for South African manganese ore 36%min at Qinzhou port, with RMB1/dmtu (USD0.14/dmtu) concession. Now they have no intention to sell at any price below RMB34.5/dmtu (USD4.77/dmtu). Their latest deal was closed towards the beginning of this week, when they sold around 1,000t at RMB35/dmtu (USD4.84/dmtu). Around the same time, they sold another 2,000t at RMB34.5/dmtu (USD4.77/dmtu). "As the producers of manganese alloys gradually consume their stocks of ore and plan to repurchase, the number of bids and deals edges up these days," said the trader. They believe that the prices would remain firm in the coming week.
With a monthly trading volume of around 3,000t, the trader now holds no inventory.
A consumer in Liaoning disclosed that they last bought around 650t South African manganese ore 36%min at Tianjin port early this week at RMB36/dmtu. They see an upward tendency of manganese ore prices, and begin to accept the current market condition. "By the time we bought this batch of ores, we already saw deals closed at above 36/dmtu (USD4.97/dmtu). Maybe in the next week, we won't be able to buy at any price below RMB37/dmtu (USD5.11/dmtu)," said the consumer. They are prepared to face even higher quoting prices in their next weekly order.
The consumer plans to consume around 7,500t this month. They now hold no inventory.
BEIJING (Asian Metal) 19 Apr 24 - Because of the concrete demand from downstream smelters, the mainstream prices of South African manganese ore 36%min in China jump RMB1/dmtu (USD0.14/dmtu) to RMB33.5-34.5/dmtu (USD4.63-4.77/dmtu). Market participants predict that the prices would stay at the high level in the coming days.
A trader in Guangdong revealed that currently they quote RMB36/dmtu for South African manganese ore 36%min at Qinzhou port, with RMB1/dmtu (USD0.14/dmtu) concession. Now they have no intention to sell at any price below RMB34.5/dmtu (USD4.77/dmtu). Their latest deal was closed towards the beginning of this week, when they sold around 1,000t at RMB35/dmtu (USD4.84/dmtu). Around the same time, they sold another 2,000t at RMB34.5/dmtu (USD4.77/dmtu). "As the producers of manganese alloys gradually consume their stocks of ore and plan to repurchase, the number of bids and deals edges up these days," said the trader. They believe that the prices would remain firm in the coming week.
With a monthly trading volume of around 3,000t, the trader now holds no inventory.
A consumer in Liaoning disclosed that they last bought around 650t South African manganese ore 36%min at Tianjin port early this week at RMB36/dmtu. They see an upward tendency of manganese ore prices, and begin to accept the current market condition. "By the time we bought this batch of ores, we already saw deals closed at above 36/dmtu (USD4.97/dmtu). Maybe in the next week, we won't be able to buy at any price below RMB37/dmtu (USD5.11/dmtu)," said the consumer. They are prepared to face even higher quoting prices in their next weekly order.
The consumer plans to consume around 7,500t this month. They now hold no inventory.
