[Minor metal] Trading Volumes Increase in Refined Manganese Market

SHANGHAI, Sept. 15 (SMM) -- Today, mainstream offers are RMB 13,700-13,900/mt for refined manganese, and most large traders began building stocks, while medium and small traders increased purchases.

    At present, market supply of refined manganese was relatively sufficient, with prices mainly in the RMB 13,700-13,800/mt range. Producers' sentiment in moving cargo will drop sharply if manganese prices continue to dip, and the price range of RMB 13,500-13,600/mt have become the bottom line for most producers. A producer with capacity of 10kt/yr said, “current traded prices are close to production costs, and we will hold back stocks if market prices continue to move down”.

    A trader with purchasing volume of 500-1,000mt for each batch said, “there will be no significant downward room for current traded prices in light of production costs, and we will begin building stocks”. According to SMM sources, a number of medium and small traders in Ningbo and Dainan have purchased 60-200mt during recent days, and a portion of traders hoped to purchase more at RMB 13,500/mt.

    SMM believes any downward room for refined manganese prices will be limited, and manganese prices will likely stabilize after a decline of RMB 100-200/mt.

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