The Demand of Steel Mills Released in May, Manganese Prices Moving in a Weak Trend

SHANGHAI, May 11(SMM) - The average spot prices of EMM in main producing areas fell by 50 yuan/mt to 15,100-15,300 yuan/mt compared to yesterday, and the average price of FOB fell by $20/mt to move between $2,330-2,430/mt. According to SMM survey, the mainstream steel mills in Guangxi initiated the May EMM bidding. Although the demand for EMM was driven by steel mills, the supply of manganese metal was still more than the demand, thus the terminal negotiation price range dropped to 15,000 yuan/mt. The shipment was depend on the supply side. In addition, there is no manganese factory planning to reduce production in late May. Some believe that EMM prices will be weak in the short term.