[Minor metal] Refined Manganese Prices Stabilize

SHANGHAI, Sept. 10 (SMM) -- Today, mainstream offers were about RMB 14,000/mt for refined manganese.

    Yesterday, traded prices were RMB 13,800-14,000/mt for refined manganese, and a number of traders purchased resources at RMB 13,700/mt, with trading volumes estimated at 60-120mt. According to SMM sources, most producers stood on sidelines due to high costs, except that some producers moved cargos at lower prices given tight cash flow and inventory pressure. Today, downstream demand remained weak, and the shutdowns for maintenance at two major mines in Xiushan region in Chongqing generated a reluctance of manganese producers. 

    SMM believes refined manganese prices had no upward momentum in the short term due to weak downstream demand and supply surplus in the market. However, the reluctant sentiment of manganese factories and shutdowns at major mines will help support the prices. SMM predicts refined manganese prices will continue to fluctuate narrowly.

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