SHANGHAI, Jan. 27 (SMM) -- Today, mainstream offers of EMM were in the RMB 14,900-15,100/mt range. Producers were reluctant to move goods and downstream consumers showed little interest in making purchase, causing sluggish trading sentiment in manganese market yesterday.
It was reported that market supply was mainly from large traders who replenished stocks when prices were low previously and from producers who were eager to move goods for cash. Most producers were reluctant to move goods at current prices. According to a person-in-charge at EMM producer in Hunan, current price levels made producers profitless, and producers were unwilling to move goods. In addition, producers had limited inventories at present and would wait to move goods when prices warm up.
It was also reported that downstream buyers' interest in purchasing goods waned day by day with the approach of the Chinese New Year holiday. However, market was still expecting that a small amount purchasing volumes from stainless steel mills and ferromanganese producers when prices were low would help boost domestic manganese prices to certain extend.
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