SHANGHAI, Jan. 13 (CBI China) -- Domestic refined manganese prices remained steady temporarily, although the turnover was slim, the factories had no inventory pressure and refused to sell at low prices. In addition, the manganese supply declined, leading to price hike and supports for refined manganese.
A factory in Hunan said: "We have some transactions with the price at RMB 14,500/mt yesterday, although there are some buyers, we have already received many orders". He also said that the prices were unlikely to decline before the Spring Festival. At present, the manganese ore prices were RMB 780/mt with high cost.
A trader in Jiangsu said, “last week we stopped the purchase due to high risk caused by high price and the demand declines caused by production suspension at steel mills recently.”
A factory in Chongqing said: "We basically maintained a balance between production and sales, with production based on sales. It is difficult to estimate the market after Spring Festival, so we will not keep too much inventory."
CBI believes that before the Spring Festival, due to the support of manganese cost, the prices of refined manganese are unlikely to fall below RMB 14,000/mt. However, the production suspension and demand decline at small and medium-scaled steel mills led to insufficient support for price rise. The ex-works price of domestic refined manganese is expected to fluctuate narrowly in the RMB 14000-14500/mt range before Spring Festival.
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