SHANGHAI, Dec 5 (SMM) – News of rectification at manganese mines in Xiushan of Chongqing city buoyed market sentiment, and improved spot prices in the morning of Wednesday December 5.
Spot manganese traded between 12,500 to 12,800 yuan/mt ex-works, in cash this morning, compared with some 12,400 yuan/mt at the beginning of this week.
However, purchasing prices of manganese settled in steel mills' tenders showed no sign of improvement, SMM learned.
On Tuesday December 4, Jiangsu Shagang settled its purchasing price of manganese ingot for its December tender at 13,550 yuan/mt on acceptance. This fell 3,280 yuan/mt from its November’s purchasing price. Procurement volumes for the December tender stood at 2,300 mt.
Also on Tuesday, Wuhan Iron & Steel settled its December's purchasing price of manganese briquette at 13,600 yuan/mt on acceptance, down 100 yuan/mt from November. Procurement volumes stood at 2,500 mt.
Over the weekend of December 1, authorities in Xiushan county ordered nine manganese mining companies to conduct rectification works on overproduction and safety issues.