Manganese ore prices jumped on the week on the back of tight supply as buyers came back to the market to find few offers.
S&P Global Platts assessed 44% ores down 20 cents on the week at $5.70/dry mt unit from $5.90/mt CIF Tianjin and 37% manganese ore unchanged at $5.10/dmtu same basis.
Market participants said higher offer prices for seaborne ore were being met with resistance due to soft demand from steel mill for manganese alloys and high manganese ore stocks in port. A Chinese trader said he was hearing high offers but was not in the market.
"I'm not buying spot at the moment. There is no rush, we have enough reserves," he said adding he was waiting for clearer direction from domestic manganese alloy fundamentals first.
Others agreed there was little interest in seaborne ore.
An Indian trader said: "Port stocks are at 3 million, there is no logic in offering higher prices."
Manganese ore port prices were higher on the week for high grade ore.
Australian 45% lump at around Yuan 62/dmtu as is Gabon 44% ore. South African 36-37% ore was heard unchanged at Yuan 45.
