SHANGHAI, Jul.13 (CBI China) -- General Administration of Customs (GAC) recently set minimum export prices for electrolytic manganese between USD 4,650/mt and USD 5,000/mt, and will take effect immediately. This is now causing exports to drop dramatically. The previous export price was less than USD 4,000/mt and exporters are not presently allowed to fulfill contracts set at the lower price. Currently the price is in the range of USD 2,800/mt to USD 3,400/mt, buyers are cautious until the policy is re-evaluated because major domestic mills have submitted an appeal to adjust benchmark export prices to market levels.
CBI predicts the GAC will likely heed the manufacturer's request and set the minimum export price closer to market levels.