Mn metal prices continue to rise in Europe, more bullishness in new offers
2024-05-14
The latest efforts of European manganese metal (Mn metal) suppliers to secure higher prices in deals, based on the situation surrounding manganese ore, have yielded promising results. Consequently, there is a noticeable increase in bullish sentiments among European market insiders, surpassing the pace seen among Chinese producers.
Despite the evident price increase in new offers from China, European traders claim that prices are even higher, intending to gain additional support for the upcoming negotiations. Specifically, while some traders indicate that prices rose to $2,050-2,100/tonne CIF Rotterdam, certain Chinese suppliers seem still willing to accept $2,000/tonne CIF, corresponding to the upper end of the range observed last week.
Meanwhile, prices for Mn metal flakes in Europe’s latest tenders for Q3 and Q4 have been settled at $2,000-2,140/tonne DDP. Notably, prices at the lower end of the range are no longer workable. “The market is all over the place at the moment with uncertainty about what’s to come,” commented a European trader on the current situation.
In light of recent developments, Metis adjusted its prices for Mn metal (99.7% Mn) flakes from previous levels of $2,000-2,050/tonne DDP to $2,050-2,150/tonne DDP.
Brazilian Mn ore exports increased in April but were still below last year’s volumes
2024-05-14
Traditionally, Brazil increased manganese ore shipments to the global market at the beginning of the quarter. The export volumes still need to be closer to the results from the previous year. However, increasing shipments from Brazil amid a shortage of Australian ore should not be excluded in the short term.
According to customs statistics, Brazil exported 53,840 tonnes of Mn ore in April, 5.5 times more than in March but 71% less YoY. In terms of value, ex-Brazil Mn ore exports amounted to $5.71 million, up 223% MoM but down 69% YoY.
Cumulatively, ex-Brazil manganese ore exports from January to April reached 119,173 tonnes, reflecting a substantial decline of 81% compared to the volume exported in 2023.
Outokumpu demonstrates solid FeCr performance in Q1 despite persisting challenges
2024-05-09
Outokumpu has announced its production and sales results for the first quarter of the current year.
In particular, the company saw a notable increase in its FeCr output, which rose by 27.1% YoY in Q1 to reach 89,000 tonnes. This surge is attributed primarily to the fact that the reference period was negatively impacted by the optimisation of FeCr production, prompted by exceptionally high electricity prices and disruptions in one of the furnaces. However, the output declined by 17.1% compared to the previous quarter.
Due to a political strike, most of Outokumpu’s stainless steel and ferrochrome operations in Finland and the Port of Tornio in Finland were shut down for three weeks in March this year. As Metis reported earlier, in January 2024, Outokumpu made the decision to shut down one of its three furnaces and one of two sintering plants due to the persisting modest demand. The company expects to continue its operations at 80% of its full capacity until autumn 2024.
Furthermore, FeCr shipments increased by 24.3% YoY but experienced a 13% QoQ decline. The company’s FeCr sales rose to EUR 107 million compared to EUR 99 million in the same period last year.