Briefing on Domestic Manganese Market (2010-1-25)

SHANGHAI, Jan. 25 (SMM) -- Today, mainstream offers of EMM were in the RMB 15,100-15,200/mt range. Prices have been kept on declining, but small and medium sized traders and downstream stainless steel mills still adopted a wait-and-see attitude.

It was reported that domestic EMM prices had been climbed for nearly 20 days and have been declined since Tuesday of last week. Currently, domestic EMM prices declined from RMB 15,600/mt to RMB 15,100/mt temporarily. SMM believes fundamentals of EMM haven't changed much within recent one month, and current wide fluctuation of EMM prices are closely related to speculative funds from medium and large traders.

It was reported that current EMM prices were almost near cost line at EMM producers without their own mines, but downstream stainless steel mills as well as small and medium sized traders haven't made purchase yet. Most #200 stainless steel mills told that current stainless steel market was sluggish and mills were planning to be off on holiday in advance, so they would only make purchase to meet demand for one-week's production and would not make purchase in a large amount. However, small and medium sized traders told that large traders hold a large amount of goods on hand at present and prices would continue to fall if they sell goods in a large amount, so they'd prefer to adopt a wait-and-see attitude before making any purchasing plan.

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