SMM EMM Price Forecast (Apr. 22-26, 2013)

SHANGHAI, Apr. 22 (SMM) – Traded prices for domestic electrolytic manganese metal (EMM) remained low at RMB 13,100-13,200/mt last week due to slack demand, with a few deals completed even lower at RMB 13,000/mt. SMM confirms that operating rates at EMM producers in major producing regions were essentially unchanged at 45%. Internal and external demand for stainless steel was tepid, which in turn eroded demand for EMM. As such, EMM supply was in surplus. SMM understands that bid invitation by steel producers this week will do little to list EMM prices. EMM prices in China will likely continue to fall after April due to sluggish steel markets in China and overseas.