Downtrend to persist in global markets, primarily in Europe

摘要

Manganese alloy supply is excessive in all the markets, with the biggest surplus seen in Europe and Asia. The world's largest Mn ore exporters keep cutting their prices on weak demand and excessive supply as the quotes lost another $0.1-0.3/dmtu in September. October prices were reduced by another $0.3-0.6/dmtu amid high port stocks (still at 4.1 million t), which translates to China's 1.5-month Mn ore consumption rate (+12 from H1). China's steel output will be decreasing in the forecasted period amid low profitability and production restrictions in winter during the heating season. This will favour bigger Mn alloy surplus in Asia and weaker prices.