Spot manganese prices to extend gains on supply tightness
With tight supplies, spot manganese prices are expected to continue to climb in the short term, but see limited upside room as steel mills did not raise purchasing prices significantly.
Prices of electrolytic manganese in major production areas in China stood at 13,300-13,500 CNY/MT today, up 100 CNY/MT from the previous day.
Major manganese producers remained keen to hold their offers firm and their offers were heard at 13,500-13,800 CNY/MT in cash, ex-factory.
For manganese metals, Nanjing Iron and Steel and Wuhan Iron and Steel settled their purchasing prices for the March tender this week.
Nanjing will purchase 1,500 mt of manganese metal ingots at 14,800 CNY/MT on acceptance. The price included tax and transport costs.
The steelmaker in Wuhan settled its purchasing price at 14,700 CNY/MT on acceptance, including tax and transport costs. The procurement volume stood at 1,500 mt.
