Mine rectifications buoy spot manganese prices
News of rectification at manganese mines in Xiushan of Chongqing city buoyed market sentiment, and improved spot prices in the morning of Tuesday December 4th.
Spot manganese traded between 12,500 to 12,800 CNY/MT ex-works, in cash this morning, compared with some 12,400 CNY/MT yesterday.
However, purchasing prices of manganese settled in steel mills' tenders showed no sign of improvement.
Today, Jiangsu Shagang settled its purchasing price of manganese ingot for its December tender at 13,550 CNY/MT on acceptance. This fell 3,280 CNY/MT from its November’s purchasing price. Procurement volumes for the December tender stood at 2,300 mt.
Wuhan Iron & Steel settled its December's purchasing price of manganese briquette at 13,600 CNY/MT on acceptance, down 100 CNY/MT from November. Procurement volumes stood at 2,500 mt.
Over the weekend of December 1st, authorities in Xiushan county ordered nine manganese mining companies to conduct rectification works on overproduction and safety issues.
