SHANGHAI, Jul 28 (SMM) – Spot manganese factory prices after tax in leading production locations in China fluctuated between 22400-22500 yuan/mt today, an increase of 1100 yuan/mt from yesterday.
According to SMM, the spot prices of domestic electrolytic manganese continued to rise today. Some mainstream steel enterprises opened August bidding for electrolytic manganese and manganese ingot, among which, the August manganese ingot bidding from Nanjing Steel was priced at 22,800 yuan/mt, a significant increase of 4,700 yuan/mt than previous month. Manganese prices rose rapidly mainly due to tight spot supply, coupled with the continued power and production restrictions in Guangxi. Therefore, manufacturers are generally raising their quotation with reluctance to sell. SMM believes that in August, more domestic steel enterprises will significantly increase their procurement pricing on previous month.