Logic and reason have very little with the manganese and chrome ore markets. Prices for 44% Mn ore soared to over $7 per Mn unit while 36-38% material was around $6.70-6.80. And, according to my friends in South Africa, every truck on the country is carrying Mn ore to the ports since Transnet hasn’t fixed anything and wagons are in short supply. Alloy prices have yet to react in the same degree, and alloy prices in China have actually started to weaken.
Chrome ore prices are now over $300, and as in manganese, alloy prices have not fully priced in the ore price.
So it remains, will alloy prices increase or will ore prices fall? My bet is that ore prices will soften.