Mn

BHP Billiton has said that its reference prices for manganese ore will roll over for a third month in succession. For March shipments of its benchmark Gemco 46% Mn lump ore product, prices are quoted at $4.75/dmtu CIF China. Mn ore prices have been under pressure since mid-2010 and this leaves prices over 20% below levels this time last year in US dollar terms. Prices for 48% Mn metallurgical fines ($4.30/dmtu) and S.African 38% Mn carbonate ores ($4.10/dmtu) are also unchanged from February, although the year-on-year decline in prices is even steeper, especially for metallurgical fines where oversupply in the market has been more pronounced. However, Chinese port stocks of Mn ore are at last reported to be falling. After peaking at almost 4mt (gross weight wet basis) in mid-2011 and holding close to that level through most of 2H 2011, the latest data from the IMnI shows stocks fell by 7% MoM to 3.5mt at the end of January.