Manganese price shows signs of rebound
The manganese market showed signs of price of rebound this week as sellers were reluctant to keep selling at low levels.
As of Monday December 25, offers in the region of Chongqing City, Guizhou and Hunan provinces were heard at 10,600.00-11,000.00 CNY/T ex-works, and that the latest transactions were done at 10,700.00-10,800.00 CNY/T. These were up from levels around 10,400.00 CNY/T seen last week.
Sellers in South China were heard unwilling to give in on prices as market was rather tight. As only limited cargoes were available from North China, buyers said they found it more difficult to bargain.
As the month-end approaches, tenders from steel mills are likely to have further guidance on market movement.
Manganese price were in doldrums earlier this month as series 200 stainless steelmakers shifted to carbon steel production due to better profits. The decrease in manganese demand and the need to get cash back towards the year-end sellers to cut prices.
Most traders believe that manganese prices are unlikely to see significant rebound before the profits of series 200 stainless steel turn better. In the near term it would be all about sellers’ strategy and steel mills’ procurement pace.
