SHANGHAI, Oct. 26 (SMM) -- Today, mainstream offers for refined manganese are RMB 13,200-13,300/mt, and manganese producers were reluctant to move cargo, while traders stood on the sidelines as well.
Most manganese producers were reluctant to move goods in anticipation of price rise due to positive macro economic data and bullish market sentiment of stainless steel cold-rolled products. A large manganese producer in Hunan province said market insiders predict manganese prices may climb to RMB 13,500/mt, generating a reluctance by manganese producers to move goods.
SMM also contacted a number of traders in Ningbo and Dainan regions. A trader in Dainan said manganese prices have grown by RMB 200/mt from last Friday to this Monday. They will adopt a wait-and-see attitude towards price hike given no substantial improvement in stainless steel market sentiment.
SMM believes positive macro economic conditions will help push up manganese prices mildly, but current sluggish stainless steel sentiment will limit any upward movement for manganese prices.
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