Manganese ore prices continue to fall on pressure from buyers

London (Platts)--13Aug2013/923 am EDT/1323 GMT


Manganese ore prices to China fell as pressure from buyers for lower prices continued to weigh on offers from miners, sources said Tuesday.

Platts assessed its 44% Manganese ore price at $5.17/dry mt unit CIF Tianjin, down 8 cents on the day.

"Buyers are insisting on lower prices," a trader source selling into China said.

"It's the normal trend when prices are getting lower, buyers will try to put more pressure on prices," he added.

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The trader said that although manganese ore deals were being concluded it was becoming more difficult as manganese alloys prices in China remained under pressure.

He noted that 38% manganese ore from South Africa offers were also being cut, with deals said to have been concluded at $4.15/dmtu. The lowest price heard five days ago was $4.20/dmtu.

"With this growing price gap between 44% and 38% the buyers aren't looking at only the lower prices but also trying to get the higher grade offers down as well," he said.

A China-based trader said that high grade ore prices were coming under pressure.

He added: "Both miners and buyers are refusing to budge on their offers and bids."

A China-based buyer said that he was not in the market to buy ore at the moment as expectations are that prices will fall further.

--Jitendra Gill, jitendra.gill@platts.com
--Clement Kwok, clement.kwok@platts.com
--Edited by Jonathan Loades-Carter, jonathan.carter@platts.com

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