Manganese gets temporary support under China steel mills tenders
Sentiment in China’s manganese market improved following the Labor Day holiday as major steel mills issued purchase tenders.
Most of traders assessed manganese in domestic market at 11,900-12,000CNY/MT ex-works on Wednesday May 2, down from 12,000-12,100CNY/MT the end of April.
Most market player expects a brief period of active transactions following the conclusion of tenders this week. However, manganese price is likely to see little support as stainless steel mills cut production on environmental inspections over the past month. Most buyers took a watch-and-wait stance.
Worries over supply also eased as China’s biggest manganese producer Ningxia Tianyuan Manganese dismissed market talk that China Huarong Asset Management was one of its shareholders. News broke in April that CEO of China Huarong Asset Management, Laixiaomin, was under investigation for alleged corruption.
