Investor Presentaiton
MANGANESE ORE AND ALLOY MARKET REVIEW
Strong demand from steel makers and constrained supply supported prices in 1H 2021
1
2020
SiMn
2
SiMn prices relatively stable but global demand
depressed. Price spread between ore and alloy
supported sustainable smelting margins.
2021
SiMn prices rise significantly higher than cost correlation
implied price, demonstrating supply constraints for
manganese alloy smelting. Higher EMM prices encouraging
substitution for Refined FeMn.
USD/mt
$1,800
$1,600
$1,400
$1,200
Japan SiMn Index
$1,000
$800
$600
$400
$200
1H 2021 Mn Ore : $5.02 / dmtu (-1% YoY)
1H 2021 SiMn : $1,256/ mt (+27%% YoY)
US$9.07/dmtu
Manganese Ore Index
Chinese Ports Ore Inventory
Jan-16
Jan-17
Jan-18
Jan-19
$0
Jan-13
Jan-14
Jan-15
M
Source: Fastmarkets MB, Platts, the IMnl, and CNFEOL
Jan-20
Ore Inventory
(millions mt)
8.0
9
2
7.0
6.0
1
5.0
4.0
3.0
2.0
US$4.76/dmtu
1.0
0.0
Jan-21
*High Carbon Ferromanganese (HCFeMn) not included due to relatively low
liquidity and absence of representative non-Chinese Asian benchmarkView entire presentation