[Minor metal] Refined Cobalt Prices Remain Stable in Domestic Market

SHANGHAI, July 28 (SMM) -- Refined manganese prices continued to advance in domestic market, and today's mainstream traded prices were in the RMB 13,900-14,200/mt range. Factories still kept offers firm, and spot supply was limited in the market, mainly for orders.
&nbsp;&nbsp;&nbsp; A factory in Chongqing said, &ldquo;we have signed orders for next month at RMB 14,000/mt. Currently, costs of manganese ore and sulfuric acid were up, so it is reasonable for manganese prices to climb.&rdquo; Another factory in Guizhou province agreed, &ldquo;current prices for refined manganese have been very low in the memory given the tightness of manganese ore supply, and factories could just turn losses into slim profits.&rdquo;
&nbsp;&nbsp;&nbsp; According to SMM sources, 80% of upstream factories were optimistic towards future prices and were confident in market outlook, in view of higher costs, low factory inventories and stable downstream demand.
&nbsp;&nbsp;&nbsp; As to downstream stainless steel mills, it has been very hard for mills to accept manganese prices above RMB 14,000/mt, so stainless steel markets remained quiet recently. Based on current prices and transactions, the highest manganese prices stainless steel mills can accept are in the RMB 14,500-15,000/mt range, and then any upward room for refined manganese prices will be very limited.
&nbsp;&nbsp;&nbsp; Stainless steel prices showed a sign of rise during recent days. In this context, refined manganese prices are expected to rise further, if stainless steel prices increase.
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