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Key data from July 1 pricing session
44% manganese ore, cif Tianjin , $ per dmtu 37% manganese ore, fob Port Elizabeth, $ per dmtu
Average freight costs for 37% ore (South Africa to China): $17 per tonne
Key drivers -After two weeks of strong activity (which flushed out aggressive counter bids and lower deal prices), many market participants are on the sidelines and less material is being offered -Prices have been undermined all year by oversupply, but most market participants believe prices are near their floor -Prices for both grades have been fluctuating in a 4-5 cent range for a month and have been described by most market participants as largely stable
Key quote “The prices have rolled over in the last week; everyone is sitting waiting for direction. I didn’t see anything offered.” European trader
Janie Davies jdavies@metalbulletin.com Twitter: @janiedavies_mb