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[Minor metal] Limited Upward Room for Refined Manganese Price

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SHANGHAI, May 7 (CBI China) -- Domestic refined manganese was mainly traded at RMB 12,400-12,500/mt, with the offer around RMB 12,600/mt.
&nbsp;&nbsp;&nbsp; A factory in Chongqing said current operating rate remained low, with more than 20mt/day, and they maintained production based on orders.
&nbsp;&nbsp;&nbsp; Another factory in Hunan said the price will remain unchanged as the orders have been signed until late May. Most of factories had no inventory, and the actual transactions remained stable in the market.
&nbsp;&nbsp;&nbsp; CBI believes the price hike was due mainly to three reasons: first, the manganese ore price rose following the price trend of refined manganese since late April, so the production cost of refined manganese supported the price to some extent; second, the factories had ample orders, and had no inventory pressure, so the offers were firm; third, rumor reported Wuhan I/S will conduct bidding recently, and market players believe it may be speculative.
&nbsp;&nbsp;&nbsp; The upward room for the manganese price is expected to be limited due to depressed downstream stainless steel market, and deals were hard to be made at RMB 12,500/mt. Manganese price will likely move back to the range of RMB 12,000-12,500/mt by mid-to-late may. 
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