Baosteel Releases EMM Bid Price for September, SMM Reports

The domestic output of EMM will be 23,000 mt in March, up 155% month-on-month and 78.3% year-on-year, according to SMM estimate.

The average spot prices of EMM in main producing areas fell by 500 yuan/mt to 15,000-17,300 yuan/mt compared with the average prices before the Qingming festival, and the average prices of FOB fell by $100/mt to $2,500-2,800/mt.

The overhaul impacted the output of a large smelter in the south by a combined 40,000 mt across its three smelters, which exceeded expectations.

Domestic manganese ore supply grew by 15% in 2018 due to significant inflows of imported resources, even as domestic production shrank further amid environmental pressures.

The domestic EMM output in November stood at 91,400 mt, a drop of 4.4% from October and down 23.3% on the year.

The average EMM prices across the three major EMM producing (Songtao in Guizhou, Huayuan in Hunan, and Xiushan in Chongqing) and Guangxi stood at 40,000-40,500 yuan/mt last week, down 1,250 yuan/mt from a week ago.

Western Gold announced on November 8 that it intends to purchase the equities of Akto Kebang Manganese Manufacturing Co., Ltd. (referred to as "Kebang Manganese"), Akto Baiyuanfeng Mining Industry Co., Ltd. (referred to as "Baiyuanfeng"), and Xinjiang Mengxin Tianba Mining Investment Co., Ltd. (referred to as "Mengxin Tianba"), and it will issue shares to qualified investors to raise matching funds.

Baosteel and Saudi Aramco, the world’s largest oil producer, have signed a memorandum of understanding on September 7 to build a world-class company in Saudi Arabia which will produce heavy plate.

Shanghai Baosteel settled its June purchasing price of manganese in a tender at 14,200 yuan/mt, up 1,700 yuan/mt from the tender in May

Manganese prices stayed firm in May as Ningxia Tianyuan Manganese, the biggest manganese producer in the world, cut production by 25% from the middle of May. Purchasing prices in tenders by steel mill