SHANGHAI, June 12 (CBI China) -- Although market fundamentals remained unchanged, refined manganese price continued to climb slightly over this week due to positive macro economic data.
Supply and demand remained in balance. Prices of 200# stainless steel increased, but the transactions remained stable. Stainless steel demand in July remained uncertain. Ore supply was a little tight in Hunan province due to mine maintenances in Huayuan region, exerting negative impact on the operating rates at refined manganese factories. However, the overall domestic supply remained unchanged. The market expectations on economic recovery and the capital surplus helped support the prices of base metals and steel products to rise, and refined manganese prices moved upward as well.
The economic conditions improved in Europe and the US, generating the optimistic expectations on global economic recovery and boosting prices of energy and metals to rise continuously. Base metal prices will remain high in the short term, with very thin possibility of downward trend. Baosteel raised the prices of steel products, and the rising nickel and stainless steel prices will support the refined manganese price. However, trading volumes decreased along with the rising prices. The uncertain stainless steel demand in July has not exerted positive impact on refined manganese price yet, so any momentum for further rise in the price will be limited.
Refined manganese price will move around RMB 13,000/mt next week.
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