Slow demand, inventory depress manganese prices further

SHANGHAI, Aug 8 (SMM) – Soft demand and accumulating inventory continued to drag down manganese prices in the week to Wednesday August 8. 

As of Wednesday, SMM assessed spot manganese at 18,000-18,200 yuan/mt ex-work in cash, down from 18,800-19,000 yuan/mt at the start of the week as sellers cut offers. Transactions, however, were limited as buyers demanded even lower prices. 

Some cargoes were heard traded at a low of 17,800 yuan/mt ex-work in small volumes, but the products were of inferior quality, SMM learned. 

Manganese prices started to dip in late July, from a high of 19,250 yuan/mt. However, SMM expected that the downward room is limited as tighter supplies resulted from environmental restrictions are unlikely to ease in the short term.