Manganese ore prices to China fell over the week on the back of slow demand and high port stocks at competitive prices.
S&P Global Platts assessed 44% ores down 40 cents to $5.10/dry mt unit CIF Tianjin and 37% manganese ore down 30 cents at $4.20/dmtu same basis.
Sources agreed the majority of pressure on seaborne prices was coming from high stocks in port which were also declining in prices.
"Prices are on the way down, mainly due to lower port prices and high port stocks," one Chinese trader said.
Others said there was room for correction as prices had come up to quickly over the past few months. Platts 44% manganese ore assessment was at $4/dmtu mid March and jumped $1.50/dmtu in a month while demand from buyers saw little change.
A second Chinese trader said the market was cautious and he was waiting to see offer levels for June cargo.
"The market is still volatile, so hard to say, prices may go up again as well," he said.
Manganese ore prices in port were estimated at 3.5 million mt. Prices were heard at Australian 45% lump around Yuan 44- Yuan 45, Gabon 44% ore at Yuan 43, and South African 36-37% ore at around Yuan 36- Yuan 37.
