[Minor metal] Manganese Firms Have Low Interest in Selling Goods

SHANGHAI, Sept. 16 (SMM) -- Today, mainstream offers are RMB 13,700-13,800/mt for refined manganese, and some traders purchased at RMB 13,600/mt, but less and less manganese firms want to make deals at this prices.

    At present, only the firms with cash flow problems moved cargos at RMB 13,600-13,700/mt, and large manganese producers refused to offer prices or to move goods from Monday. A producer with capacity of more than 30kt/yr said, “less deals were done when refined manganese prices went lower, and we adopted a wait-and-see attitude in anticipation of improved market sentiment.”

    Meanwhile, a number of traders began building stocks since Monday, and a trader said, “current traded prices are close to the bottom line, and there will be a round of upward movement for refined manganese prices, if purchases fail to increase by the end of September”. Downstream steel mills reported no increases in purchases in an attempt to minimize market risks and to avoid the price hike.

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