Highly unlikely, Mn ore stocks are at record levels.
Chinese manganese ore stock build likely to escalate amid ‘bloated’ supply, poor demand
A buildup of manganese ore at Chinese ports is set to escalate in the coming weeks when a jump in fresh imports adds to a spillover of material into minor ports, manganese market sources predict.
Manganese ore stocks in main Chinese ports stand at 4.64-4.85 million tonnes according to Fastmarkets’ latest assessment on Monday March 2, compared with 4.52-4.64 million tonnes at the end of 2019.
But an increase in material flowing into smaller ports takes the total estimate to closer to 6-7 million tonnes, according to a well-placed market source.
The increase in stocks reflects subdued demand for manganese ore and comes despite a drop in China’s manganese ore imports from South Africa - which supplies the bulk of China’s imports of the material - in February based on South African shipments in December.
Since January, South African manganese ore shipments, including those to China, have increased sharply again, leading to predictions manganese ore prices could correct sharply downward or crash.
“Port stocks have ballooned."
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