4 Aug 08 - Manganese market falls down in the week after a temporarily rebound to over RMB21,000/t (USD3,070/t) ex works. Sources reported to Asian Metal that more buyers went away from the market when the price went up and demand from downstream stainless steel mills remains dull for the moment. Sources are not so optimistic now.
The price fell down from the highest level of around RMB21,200/t (USD3,099/t) ex works to almost RMB20,000/t (USD2,924/t) ex works. Few buyers are purchasing at the moment while many foreign participants are still on vacation and there is also large stocks there. Some participants lowered their prices to around RMB20,300/t (USD2,968/t) ex works late in the week but others are reluctant to sell at such low prices.
The power supply in some areas remains tight and the manganese production is below capacity. And many small-sized smelters have already been out of production for long. But compared to the low demand, the supply remains sufficient. However, some smelters reported that the supply of raw materials is also tightening which hampers the normal production. As a result, some smelters with low stockpiles at hand insist on higher prices of around RMB20,500/t (USD2,997/t) ex works though few deals are concluded. Suppliers believe that this is the worst time for the market and they hope more buyers would be back to the market in late August or early September and the price should be around RMB21,000/t (USD3,070/t) ex works.
Export market also falls down with few buyers eager to purchase now. The tax adjustment comes out on July 31st but has little influence on the manganese exportation. Some participants are afraid the price might go lower in the coming weeks. Some briquette suppliers lowered their offers to around USD3,250/t FOB again from USD3,400-3,500/t FOB but some others are still very cautious as they usually attach the items to the long-term contracts and if the government changes the export duty, the price should be negotiated one more time. Manganese flakes price also decreased to USD3,950-4,000/t FOB accordingly.
However, the price in warehouse Rotterdam is a bit higher at around USD4,100-4,200/t for the moment but few consumers are purchasing. Sources are not quite confident about the market in August and the price might go down again in the coming weeks.
The price fell down from the highest level of around RMB21,200/t (USD3,099/t) ex works to almost RMB20,000/t (USD2,924/t) ex works. Few buyers are purchasing at the moment while many foreign participants are still on vacation and there is also large stocks there. Some participants lowered their prices to around RMB20,300/t (USD2,968/t) ex works late in the week but others are reluctant to sell at such low prices.
The power supply in some areas remains tight and the manganese production is below capacity. And many small-sized smelters have already been out of production for long. But compared to the low demand, the supply remains sufficient. However, some smelters reported that the supply of raw materials is also tightening which hampers the normal production. As a result, some smelters with low stockpiles at hand insist on higher prices of around RMB20,500/t (USD2,997/t) ex works though few deals are concluded. Suppliers believe that this is the worst time for the market and they hope more buyers would be back to the market in late August or early September and the price should be around RMB21,000/t (USD3,070/t) ex works.
Export market also falls down with few buyers eager to purchase now. The tax adjustment comes out on July 31st but has little influence on the manganese exportation. Some participants are afraid the price might go lower in the coming weeks. Some briquette suppliers lowered their offers to around USD3,250/t FOB again from USD3,400-3,500/t FOB but some others are still very cautious as they usually attach the items to the long-term contracts and if the government changes the export duty, the price should be negotiated one more time. Manganese flakes price also decreased to USD3,950-4,000/t FOB accordingly.
However, the price in warehouse Rotterdam is a bit higher at around USD4,100-4,200/t for the moment but few consumers are purchasing. Sources are not quite confident about the market in August and the price might go down again in the coming weeks.
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