SHANGHAI, Aug 30 (SMM) – Manganese prices in the Chinese market extended their losses on Thursday August 30 as profits incentivised producers to lower offers, SMM learned.
SMM assessments showed that manganese prices in major production areas have been on a decline this week and lost 650 yuan/mt from a week ago. Latest traded prices on Thursday were heard around 16,700 yuan/mt.
The declining market saw lacklustre trades. Some producers, facing cash flow constraints at the end of the month, lowered offers to offload cargoes. Demand weakened as tenders across steel mills were settled.
Separately, Nanjing Iron and Steel in Jiangsu province settled the purchasing price of silico-manganese for its September tender at 9,200 yuan/mt this week, SMM learned.
This is 730 yuan/mt up from its August tender. Procurement volumes for the September tender stood at 8,000 mt.