The Output of EMM in March Stood at 23,000 mt, up 155% from February

SHANGHAI, Apr 11(SMM) - The domestic output of EMM will be 23,000 mt in March, up 155% month-on-month and 78.3% year-on-year, according to SMM estimate. The average monthly ex-works price of EMM in March was 26,930 yuan/mt, a decrease of 31.4% from the previous month. The average monthly FOB price was $4,389/mt, a drop of 30% MoM. The domestic operating rates of EMM plants were still lower than 10% in March. Although the supply did not increase, the prices of manganese at home and abroad synchronously declined, which mainly due to the early inventory and market transaction prices deviating from acceptable price range of the terminal, leading to demand-supply dynamics, coupled with the increases in overseas EMME production lines squeezing the overseas market, putting pressure on the domestic manganese market. Therefore,  domestic suppliers lowered prices to destock. SMM expects that EMM prices would remain low in April. Although the costs and demand have increased on the month, the acceptable prices of the terminal still need to be observed with apparent demand-supply dynamics.