SHANGHAI, Aug 16 (SMM) – South Korean steelmaker POSCO kicked off its September tender for manganese on Wednesday after it postponed it last week given the falling prices, SMM learned.
Chinese mills are also about to start their September manganese tenders as the market enters the second half of August. This is likely to buoy the manganese market in the short term, SMM believes.
Manganese prices held steady on Thursday August 16 with SMM assessments at major producing areas unchanged from the previous day at 17,200-17,400 yuan/mt.
Buyers began to make some purchases after prices started falling since the beginning of this month. This helped to lower stocks at manganese producers, who have raised their offers to 17,500 yuan/mt ex-work in cash on Thursday.
Traders who need to restock have made orders at low prices earlier this week. The upward room for spot manganese prices is therefore limited.
Separately, Shanxi Taigang Stainless Steel (TISCO) settled its purchasing price of manganese at 19,000 yuan/mt in its second tender for August earlier this week.
The price was down 2,500 yuan/mt from the first tender. The price includes tax and transport, and payments will be made in both acceptance and cash. The procurement volume stood at 500 mt.
