SHANGHAI, Jul 30 (SMM) – China’s exports of electrolytic manganese and its products, including unwrought manganese, scrap, powder and wrought manganese, stood at 23,727.38 mt in June, down 7.8% from a month earlier, showed data from China customs. That brought the exports in Q2 to 88,323 mt, 14.13% lower from Q1.
India was the top export destination of Chinese wrought manganese in June, which accounted for 44% of China’s exports of such material. South Korea was the largest export destination of China’s unwrought manganese as it took 24.44% of the exports.
SMM expects China’s exports of manganese and its products to extend declines in July and the exports may remain weak in Q3 as the overseas market has not returned from the summer break.
South Korean steelmaker Pohang Iron and Steel Company (POSCO) lowered its purchasing volumes of 99.7% electrolytic manganese in its latest tender, to 2,527 mt for August, down 1,669 mt from that in July. The purchasing prices have not determined. Current offers of electrolytic manganese for July-August delivery stabilise at $1,450-1,470/mt fob.
Near-term prices of manganese will see limited upward or downward room, SMM expects, as end-users take a wait-and-watch stance while Chinese manganese producers tend to firm up offers.