Baosteel to purchase 800 mt manganese metal at 14,200 yuan/mt

SHANGHAI, Jul 11 (SMM) – Baoshan Iron and Steel, also known as Baosteel, will purchase 800 mt of manganese metal at 14,200 yuan/mt in convertible notes, including tax and transport costs, in its tender for July, SMM learned.

This is down 100 yuan/mt from its tender for June.

Most steelmakers in China lowered purchasing prices for manganese in their latest tenders, by 100-230 yuan/mt from the prior month, which is likely to keep the manganese market weak in the short term.

SMM assessments showed that prices of manganese across major producing regions remained unchanged at 13,100-13,200 yuan/mt as of Thursday July 11.

Poor demand will keep major producers focused on long-term supply contracts.