Been a lot of talk about weakness in Manganese prices on HC. I use the pricing source below because when I compare it to the the pricing source they use, page 20 of 3 December release, its movements are basically identical.
It is 32% Manganese ore FOB in China sources from South Africa.
So, underlying price, which is in Chinese Yuan, for comparative purposes will be wrong.
Underlying movements however, are broadly correct.
Beginning of the year prices were soft, but they are improving, actually up a couple of % yesterday. There is no real drama here. There is no long term downtrend, what there is, is normal volatility and if anything an improving outlook.
By my reckoning the price they used in PFS is similar to where it is now, close to the lows of the cycle.
In my opinion nothing to be concerned about here.
Next train station: "$3-City", page-338
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