Weakening manganese prices hinder steel mills from tenders

‍‍South Korean steelmaker POSCO has postponed its September tender for manganese in a falling market. The tender was scheduled to be issued this week.

Some Chinese mills have also put off their planned tenders this week.

Manganese prices in the Chinese market continued to fall on Wednesday August 8th. Manganese prices at major producing areas averaged at 17,900-18,100CNY/MT ex-work, down 100CNY/MT from the previous day.

Some cargoes were heard traded below 18,000CNY/MT. This jeopardized market sentiment though the volumes at such prices were small.

Buyers were keen to test lower prices in a falling market and some smaller producers cut offers to stimulate sales. This accelerated the decline in manganese prices.

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