Spot manganese prices steady ahead of steel mills' tenders

SHANGHAI, Jul 24 (SMM) – Prices of electrolytic manganese across major production areas in China held steady on Wednesday July 24 as market participants awaited the release of purchasing prices in the new round of tenders by steel mills. 

Spot trades were done at 13,000-13,100 yuan/mt in cash, ex-factory, on Wednesday July 24, unchanged over the past week. 

SMM learned that a major steelmaker in the north procured some 500 mt of manganese products in Guangxi province on Wednesday July 24, at a price of 13,100 yuan/mt. This was down 100 yuan/mt from its previous purchases in early July, as poor demand across southern markets failed to support prices. The mill has further procurement plans in Guangxi in the short term. 

Market participants expected lower purchasing prices in the upcoming tenders by steel plants, and believes that the actual supply-demand fundamentals will continue to determine prices.