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[Minor metal] Prices of Refined Manganese Stabilize

[Al] CBI Morning Review - 2009/4/29 Aluminum Market

SHANGHAI, Apr. 29 (CBI China) -- Refined manganese was mainly traded at RMB 12,200-12,400/mt in domestic spot market, while the previous orders were mainly made at over RMB 12,500/mt. The inventories were limited at factories, so they were uneager to offer. Market insiders were pessimistic toward price outlook, with higher wait-and-see sentiment.
&nbsp;&nbsp;&nbsp; A factory in Hunan said the price declines were attributed to the declines in stainless steel prices. The actual transactions were limited, and most of factories have signed orders during the previous round of rise. He also said the factory will likely to halt production after the completion of orders, if the price continues to fall. 
&nbsp;&nbsp;&nbsp; The trading volumes were very limited in Ningbo and Dainan regions, and most of steel mills have built up the stocks and had no plan for purchase this week.
&nbsp;&nbsp;&nbsp; A trader in Ningbo said there will be possibility for manganese price to slip further. As the stainless steel price remained on downward trend, the prices of refined manganese will likely fall below RMB 12,000/mt after Labor Day holiday. 
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