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| Price Of Manganese Ore Contracted With China For August Shipment Remains Unchanged |
| = Following Case In July, Sales To China For August Incline To Decrease, Excessive Stocks Influence On Ore Price |
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The stocks of manganese ore imported into China and accumulated at wharves of discharging ports are estimated to have reached 2,100,000 tons and an excess of the stocks has been strongly felt as a whole of the market. China imported 5,098,000 tons of manganese ore in the first 5 months (January - May) of 2010, which had a remarkable increase of 2.17 times compared with that (2,346,000 tons) in the same period of 2009. Reflecting this feeling of the excessive stocks, the quantities of manganese ore contracted with Chinese consumers by part of major manganese mines in overseas countries once increased to 210,000 tons in total for May shipment as a peak but, after that, turned to decrease to 55,000 tons for July shipment and are most probably supposed to have a further decline for August shipment. Incidentally, part of major manganese mines commenced from last week their negotiations with Chinese consumers on price of manganese ore for shipments in August of 2010 and, according to an information, the price of medium grade lumpy manganese ore (with Mn 44%) produced in South Africa has been settled at US$7.70 per Mn 1% CIF on the average, which is a similar level to that fixed for July shipment. It is not known yet at which price medium grade lumpy manganese ore (with Mn 43%) produced in Australia has been settled for August shipment (the price for July shipment has been fixed at US$8.70 per Mn 1% CIF) but, in view of the price settled on South African ore, that of Australian ore is thought to remain unchanged. In relation to a forecast of the price for manganese ore to be sold to China, at the stage in an early part of June, when the price for July shipment has been decided to remain unchanged, it has been anticipated to roll over the price of manganese ore for August shipment to China and part of major manganese mines also said the same opinion. The matter, which the contracts on manganese ore for August shipment to China started from last week to roll over the price, has been understood by the parties concerned as a natural case, because of the weakened domestic prices of manganese ferro-alloys in China. A mood, having risen continuously the price of manganese ore imported into Chin, once surged from spring of this year but has currently cooled down. This negative aspect of price for manganese ore to be imported by China is due to the facts that domestic prices of manganese ferro-alloys in China reached the ceiling ones, having resulted in a fall of CNY 50 - 200 per ton, and prices of manganese ferro-alloys in overseas markets have also fallen by about US$100 per ton for the aggressive sales at discounted prices by Indians. Owing to a substantial fall of prices for manganese ferro-alloys in domestic market of China and in overseas markets, the parties concerned have felt an anxiety for a change of price for manganese ore to be imported by China for shipments in September and afterwards. |
| last modified : Mon 05 Jul, 2010 [10:00] |
