SHANGHAI, Dec 26 (SMM)－ The manganese market showed signs of price rebound this week as sellers were reluctant to keep selling at low levels.
As of Tuesday December 26, offers in the region of Chongqing city, Guizhou and Hunan provinces were heard at 10,600-11,000 yuan/mt ex-works, and that the latest transactions were done at 10,700-10,800 yuan/mt. These were up from levels around 10,400 yuan/mt seen last week.
Sellers in South China were heard unwilling to give in on prices as market was rather tight. As only limited cargoes were available from North China, buyers said they found it more difficult to bargain.
As the month-end approaches, tenders from steel mills are likely to have further guidance on market movement.
Manganese prices were in a doldrum earlier this month as series 200 stainless steelmakers shifted to carbon steel production due to better profits. The decrease in manganese demand and the need to get cash back towards the year-end led sellers to cut prices.
SMM believes manganese prices are unlikely to see significant rebound before the profits of series 200 stainless steel turn better. In the near term it would be all about sellers’ strategy and steel mills’ procurement pace.
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