[SMM Daily Review] Miners Show Strong Sentiment to Stand Firm on Quotes, Spot Prices Trend Upward
[SMM Daily Review] Miners Show Strong Sentiment to Stand Firm on Quotes, Spot Prices on the Rise
January 14:
Northern Ports: Australian lump ore at 42.5-43 yuan/mtu, up 2.40% MoM; Australian fines at 38.5-39 yuan/mtu, up 1.31% MoM; South African semi-carbonate at 34-34.5 yuan/mtu, up 1.48% MoM; Gabonese ore at 41-41.5 yuan/mtu, up 7.84% MoM; South African high-iron ore at 28.5-29 yuan/mtu, flat MoM.
Southern Ports: Australian lump ore at 43.5-44 yuan/mtu, flat MoM; Australian fines at 39.5-40 yuan/mtu, up 1.27% MoM; South African semi-carbonate at 34.5-35 yuan/mtu, up 1.46% MoM; Gabonese ore at 41.5-42 yuan/mtu, up 2.45% MoM; South African high-iron ore at 29-29.5 yuan/mtu, flat MoM.
The destocking pace of manganese ore inventory at ports has accelerated, while miners show weak willingness to sell at low prices before the Chinese New Year, standing firm on external quotes. Due to concentrated supply, Gabonese manganese ore is in short circulation as miners are reluctant to sell, leading to tight spot availability and upward fluctuation in spot prices. Other manganese ores followed the price increase of Gabonese manganese ore, making low-priced spot cargoes difficult to source in the spot market. Alloy plants have slowed down their manganese ore procurement before the Chinese New Year, and attention should be paid to their actual purchasing activities in the future.
January 14 News:
Northern Ports: Australian lump ore at 42.5-43 yuan/mtu, up 2.40% MoM; Australian fines at 38.5-39 yuan/mtu, up 1.31% MoM; South African semi-carbonate at 34-34.5 yuan/mtu, up 1.48% MoM; Gabonese ore at 41-41.5 yuan/mtu, up 7.84% MoM; South African high-iron ore at 28.5-29 yuan/mtu, unchanged MoM.
Southern Ports: Australian lump ore at 43.5-44 yuan/mtu, unchanged MoM; Australian fines at 39.5-40 yuan/mtu, up 1.27% MoM; South African semi-carbonate at 34.5-35 yuan/mtu, up 1.46% MoM; Gabonese ore at 41.5-42 yuan/mtu, up 2.45% MoM; South African high-iron ore at 29-29.5 yuan/mtu, unchanged MoM.
The destocking pace of port manganese ore inventory has accelerated, while miners' willingness to sell at low prices before the Chinese New Year remains weak, with firm external quotations. Due to concentrated supply, Gabonese manganese ore is in short supply as miners are reluctant to sell, leading to tight spot market availability and upward fluctuations in spot prices. Other manganese ores have followed the price increase of Gabonese manganese ore, making low-priced spot cargoes difficult to procure. Alloy plants have slowed down manganese ore purchases before the Chinese New Year, and attention should be paid to their actual procurement in the future.
