I think the majority is around the underlying commodity weakness.
https://do not advertise external sites/Article/3896717/GLOBAL-MANGANESE-WRAP-Ore-prices-fall-further-amid-weak-demand-alloy-prices-soften-in-Europe-China.html.

Excuse the long past of the article. The link requires a subscription.
South 32 are closing their managanese ore smelter in Tasmania that produces Ferro-Manganese to ship to Asia. It sources its raw manganese ore from the Northern Territory which will now need to find a home else where.

Global Mn: Ore prices fall further amid weak demand; alloy prices soften in Europe, China - American Metal Market

07-Oct-2019 04:18:25 PM

To view this story on Eikon, click here

Manganese ore prices continued to fall last week after miners cut offers further and buyers launched aggressive counter bids.

Fastmarkets' manganese ore index 37% Mn, cif Tianjin dropped by 14 cents to $4.68 per dry metric tonne unit (dmtu), which was a record low since the index was launched in January 2018.

• Low demand softens seaborne and port manganese ore markets
• Weak buying interest weighs on alloy in China
• Alloy sellers in India lower offer prices
• Alloy prices in Europe soften further, stable in United States

Fastmarkets' index for manganese ore 37% Mn, fob Port Elizabeth also dropped by 14 cents, falling to $3.80 per dmtu, its lowest since February 2017.

Fastmarkets' index for manganese ore 44% Mn, cif Tianjin dropped by 7 cents to $5.12 per dmtu, its lowest since March 2017.

"I'm below bearish, if that's a thing. I was chasing one supplier for weeks trying to get him to offer me a price; he wouldn't sell and now he's chasing me," one buyer told Fastmarkets.

Some suppliers were split as to the state of the market. One described it as "chaos" and chose not to offer, while another said that he had not seen aggressive counter bids but that buyers were holding back while they finalized their requirements.

Chinese buyers were cautious in restocking in anticipation of further drops after the country's week-long National Day holiday.

"As far as we know, some miners have not sold out their cargoes for October delivery, so it's possible that they will cut their offer prices again after the holiday," a Chinese ore trader said. "We would like to wait until then."

Meanwhile, the persistent decline in portside ore prices weakened some buyers' interest in placing orders for seaborne cargoes.

Chinese portside manganese ore prices of both grades slid further as a result of some ore traders' lowering offer prices further to secure business in the face of some resumed buying interest.

Fastmarkets' manganese ore port index, base 37% Mn, range 35-39%, fot Tianjin China fell by 0.80 yuan per dmtu week on week to 41.50 yuan per dmtu (equivalent to $5.05 per dmtu, excluding value-added tax [VAT] and port handling fees) on Friday.

The manganese ore port index, base 44% Mn, range 42-48%, fot Tianjin China slid by 1 yuan per dmtu to 43.20 yuan per dmtu (equivalent to $5.23 per dmtu, excluding VAT and port handling fees).

"Some alloy plants insisted on not restocking until the last few days ahead of the holiday, because the later they buy at ports, the more likely that they will get lower prices - especially when the price has been on the downtrend," a second Chinese market participant said.

Manganese ore inventories at major Chinese ports dropped thanks to some alloy plants taking delivery of cargoes from ports for utilization during the week-long holiday.

Fastmarkets' assessment of manganese ore inventories at the main Chinese ports of Tianjin and Qinzhou dipped to 3.76-3.86 million tonnes on Monday September 30, down from 3.95-4.08 million tonnes a week before.

The Chinese domestic silico-manganese spot price slipped further amid subdued buying interest ahead of the release of the October tender price from Hebei Steel, China's second-largest steel mill.

On Sunday September 29, Hebei Steel announced its purchase price for silico-manganese at 7,300 yuan ($1,025) per tonne for October delivery, down by 400 yuan per tonne from its September tender price.

Fastmarkets' price assessment for silico-manganese, 65% Mn min, max 17% Si, in-whs China, stood at 6,900-7,050 yuan ($968-989) per tonne on Friday, down from 7,000-7,100 yuan per tonne in the previous week.

Alloy prices slide in India
In India, the silico-manganese export price dropped for a fifth consecutive week after weak demand - both domestically and from traditional customers in Southeast Asia - combined to prompt suppliers to take action.

But with little sign of steelmakers looking to replenish their feedstock levels since the summer, more price losses are expected in the near term, industry sources told Fastmarkets.

Fastmarkets assessed the price of silico-manganese, 65% Mn min, min 16% Si, fob India at $920-940 per tonne on Friday, down from $950-960 per tonne a week earlier and its lowest level since March 2017.

"There is great weakness in demand from traditional Southeast Asia customers... Now even when a price of $920 per tonne is offered it is refused, with customers saying they want a lower offer price as they're struggling to get deals on their steel products," an Indian alloy supplier said.

European markets track lower fourth-quarter deals
European manganese alloy markets have dropped because quarterly deals, while limited, have been settled below free market levels, prompting suppliers to cut their offer prices to encourage buying interest in the near term.

Still, suppliers may have to cut their offer prices further in October as strong demand is not expected from steelmakers that are cutting their smelting schedules and product prices.

Fastmarkets' price assessment for ferro-manganese, basis 78% Mn max, standard 7.5% C, delivered Europe fell by €10 to €920-950 ($1,006-1,034) per tonne, a level not seen since November 2016.

Fastmarkets' price assessment for silico-manganese, lumpy, 65-75% Mn, basis 15-19% Si (scale pro rata), major European destinations narrowed down by €30-40 per tonne week on week to €920-940 ($1,007-1,028) per tonne on Friday.

"There is not much demand from consumers, and it's a buyers' market right now," one consumer said. "Some fourth-quarter deals have been reported as being done at these new lower price levels, but even then it is not for the usual bigger-sized tonnages that steelmakers buy as steelmakers are wary and cautious about the future of steel prices in a weakening market."