BHP Billiton raised its manganese ore prices for June shipment to China, but the increase was smaller than expected.
BHP is offering siliceous lump with minimum 46% metal content at $5.15 per mtu cif China for June shipment, up $0.15 from May
, a trader in China said. Metallurgical fines with minimum 48% metal content is at $4.45 per mtu, up $0.15 from May, traders in China.
Mamatwan lump (from South Africa) with minimum 38% metal content is at $4.65 per mtu, up $0.15 from May.
As far as I know, the company planned a $0.5 per mtu increase at first, but met with objections so it reduced the increase, a trader in Shanghai said.
The manganese alloys market remained quiet with tepid trading, spot prices of silico-manganese kept unchanged from last Friday at 7,400-7,700 yuan ($1,173-1,221) per tonne and ferro-manganese at 6,600-6,800 yuan per tonne.
The increase is smaller than we expected, I think it also is in response to the recent crude steel output increase, a Beijing analyst said.
Daily production of crude steel had rose to 1.93 million tonnes in March and was likely to continue to rise to 2 million in April, the analyst added.
By the end of last week, manganese ore inventories in local ports further dropped 145,000 tonnes from the week of April 20 to 2.8 million tonnes, according to Mysteel figures the lowest level since December 2010.
This included 1.21 million tonnes in the Tianjin port, 740,000 tonnes in Qinzhou, 350,000 tonnes in Lianyungang and 270,000 tonnes in Fangcheng ports, 160,000 tonnes in Zhanjiang and 70,000 tonnes in Beihai.