Mills tenders to give manganese temporary support

SHANGHAI, May 3 (SMM) – Sentiment in China’s manganese market improved following the Labour Day holiday as major steel mills issued purchase tenders.

SMM assessed manganese in the domestic market at 11,900-12,000 yuan/mt ex-works on Thursday May 3, down from 11,900-12,100 yuan/mt the previous day.

SMM expects a brief period of active transactions following the conclusion of tenders this week. However, manganese prices are likely to see little support as stainless steel mills cut production on environmental inspections over the past month. Most buyers took a watch-and-wait stance.

Worries over supply also eased as China’s biggest manganese producer Tianyuan Manganese dismissed market talk that China Huarong Asset Management was one of its shareholders. News broke in April that CEO of China Huarong Asset Management, Lai Xiaomin, was under investigation for alleged corruption.

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