SHANGHAI, Jan. 26 (SMM) -- Today, mainstream offers of EMM were in the RMB 15,000-15,200/mt range. Transactions were sluggish and domestic EMM prices may continue to decline slightly.
It was reported that some stainless steel mills in Ningbo and Dainan will halt operation at the end of this month, and will only have limited purchasing volumes at present. If they plan to replenish stock for the production after the Chinese New Year holiday, they will only make purchase at the beginning of February. Wait-and-see sentiment from traders was strong and traders only made few purchases, as stainless steel market was sluggish at present and domestic manganese prices were on downward track.
It was reported that mentality outlook changed at upstream EMM producers as manganese prices continued to decline. Around 30% companies were considering moving goods. A person-in-charge at EMM producer in Hunan province told that they planned to move goods for cash, as downstream demand was reducing and prices won't improve much. However, around 50% EMM producers were optimistic towards price trend in the future. According to persons-in-charge at such producers, there still had demand of manganese before the Chinese New Year holiday and prices still had rising room, as ferromanganese producers would take the opportunity to purchase goods if manganese prices continued to fall. However, any room for manganese prices to rise significantly would be limited since market was sluggish at present. (Sample: 10 companies)
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