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Home / Metal News / Nanjing Iron & Steel lowers manganese purchasing volume for Aug

Nanjing Iron & Steel lowers manganese purchasing volume for Aug

Jul 24, 2019 15:38

Source:SMM

Market participants expected the purchasing prices to continue to fall by some 100 yuan/mt in the Aug tenders

SHANGHAI, Jul 24 (SMM) – Nanjing Iron & Steel (NISCO) in Jiangsu province has launched its August tender for manganese ingot, with a procurement volume of 1,800 mt, down 200 mt from July’s tender, SMM learned on Wednesday July 24.

NISCO set its purchasing prices at 14,400 yuan/mt for July, down 100 yuan/mt from that for June.

Market participants expected the purchasing prices to continue to fall by some 100 yuan/mt in the August tenders, as spot prices limitedly supported by current supply-demand fundamentals.

Consumption was weak from the downstream stainless steel markets in Wuxi and Foshan, as prices of #200 series retreated on Wednesday, after they nudged up by 50-100 yuan/mt in previous trades, SMM assessed.

Market commentary

Manganese

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