Industries
By:
Briefcase
June 15, 2024 4:35 p.m. m.
He raw materials market has a new competitor for the top. Its about manganesenecessary input for the manufacture of steel.
This has its reason, since the Manganese prices have managed to surpass those of other raw materials after a cyclone suddenly stopped, in March 2024, exports from the second largest mine in the world, Groote Eylandt Mining, in northern Australia.
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And the prices of this 44% grade ore have managed to almost double since the beginning of this yearexceeding increases of 15% in copper, 12% in gold and almost 30% in tin.
Mining iStock
Although it is relatively little known, the truth is that manganese is very important for the manufacture of steel: to strengthen and reduce its weakness. This mineral is also used in batteries and in the manufacture of aluminum alloys..
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According to Zach Parsons, analyst at Benchmark Mineral Intelligencequoted by ‘Bloomberg Line’, “The increase in manganese prices was delayed due to stocks of manganese elsewhere. This supply shock affected ore prices in April and took a while to make its way through other manganese products“.
Mining PHOTO: iStock
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The expert added to the same medium that supply restrictions and high prices will continue until the Groote Eylandt Mining mine returns to 100% operation.
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