Spot manganese prices to extend gains on supply tightness

SHANGHAI, Feb 20 (SMM) – 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 yuan/mt on Wednesday February 20, up 100 yuan/mt from the previous day, SMM assessments showed.

Major manganese producers remained keen to hold their offers firm and their offers were heard at 13,500-13,800 yuan/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 yuan/mt on acceptance. The price included tax and transport costs.

The steelmaker in Wuhan settled its purchasing price at 14,700 yuan/mt on acceptance, including tax and transport costs. The procurement volume stood at 1,500 mt.