SHANGHAI, Aug 9 (SMM) – South Korean steelmaker POSCO has postponed its September tender for manganese in a falling market, SMM learned. The tender was scheduled to be issued this week.
Some Chinese mills have also put off their planned tenders this week, SMM learned
Manganese prices in the Chinese market continued to fall on Thursday August 9. SMM assessments showed that manganese prices at major producing areas averaged at 17,900-18,100 yuan/mt ex-work, down 100 yuan/mt from the previous day.
Some cargoes were heard traded below 18,000 yuan/mt. This jeopardised market sentiment though the volumes at such prices were small.
Buyers were keen to test lower prices in a falling market and some smaller producers cut offers to stimulate sales. This accelerated the decline in manganese prices.