SHANGHAI, Aug 14 (SMM) – South Korean steelmaker Pohang Iron and Steel Company (POSCO) lowered the purchasing price of electrolytic manganese flake by $269-278/mt on the month to $1,590/mt on a cif basis in its latest September’s tender, SMM learned on Wednesday August 14. 

The decline was in line with expectations of domestic exporters as weak demand and excessive supply has weighed on prices of the metal since July. 

Procurement volume by POSCO stood at 4,180 mt, compared with 3,990 mt in its tender for August. Deliveries should be made before September 20.