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[Minor metal] SMM Forecast - Domestic Manganese Market
SHANGHAI, Aug. 7 (SMM) -- The rising raw material prices and stable demand help support refined manganese prices to remain at RMB 14,000/mt. At present, the overall industrial chain has been out of market fundamentals, and hot money pushed up manganese prices to RMB 14,500/mt. Traders and downstream steel mills will reduce their purchases when refined manganese prices grow to RMB 15,000/mt. The wait-and-see sentiment is dominating the market, but a portion of speculators who purchased manganese sheets previously will continue to push up manganese prices.
SMM believes refined manganese prices will move in the RMB 14,500-15,500/mt range next week.
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