4 Sep 08 - Manganese suppliers have cut down their offers significantly due to the remaining stagnant demand in both domestic and export markets. The export quotation has been low at around USD3,850/t FOB for the moment while still few foreign buyers are interested till the moment.
A Hunan-based exporter confirmed that they received very few inquiries recently. "Most foreign buyers have been back from vacation but they are inactive in purchasing for the moment. They are hesitant to purchase for the moment and the orders are mostly in very small quantities of just one to two truckloads," said the source who has already lowered their offers to around USD3,800/t FOB from USD3,900/t FOB late last week. However, no reply has been received yet.
The source claimed that they have still not booked out the output in September and thus they are eager to conclude some deals. "But many buyers keep some stocks at hand and they are in no hurry to purchase at the moment when the market is still low and the price keeps dropping." The source believes that current manganese price has almost touched the bottom line and the price might stop sliding while most exporters get slim profits at such low price and the Customs still fix quite high price floor.
Another Guangxi-based smelter has booked out most of its products this month. "We signed some big deals at around RMB21,000/t ex works and just leave aside 300t of the material by the end of this month," said the source who also lowered their offers to USD3,950/t CIF Rotterdam from USD3,950/t FOB early this month. "Some buyers claimed that they could find some prices of around USD3,900/t CIF Rotterdam, which we could barely get any profits."
The source expects manganese demand to go up in the middle of the month when more consumers would place some orders for the material to be delivered in the last quarter of the year. "However, as the overall market is slowing down, the manganese market might be no exception. Our only wish is that the market would keep stable at current level or many domestic smelters might cut down or halt production again," said the source who reported that the domestic manganese price drops to around RMB20,000/t (USD2,924/t) ex works.
A Hunan-based exporter confirmed that they received very few inquiries recently. "Most foreign buyers have been back from vacation but they are inactive in purchasing for the moment. They are hesitant to purchase for the moment and the orders are mostly in very small quantities of just one to two truckloads," said the source who has already lowered their offers to around USD3,800/t FOB from USD3,900/t FOB late last week. However, no reply has been received yet.
The source claimed that they have still not booked out the output in September and thus they are eager to conclude some deals. "But many buyers keep some stocks at hand and they are in no hurry to purchase at the moment when the market is still low and the price keeps dropping." The source believes that current manganese price has almost touched the bottom line and the price might stop sliding while most exporters get slim profits at such low price and the Customs still fix quite high price floor.
Another Guangxi-based smelter has booked out most of its products this month. "We signed some big deals at around RMB21,000/t ex works and just leave aside 300t of the material by the end of this month," said the source who also lowered their offers to USD3,950/t CIF Rotterdam from USD3,950/t FOB early this month. "Some buyers claimed that they could find some prices of around USD3,900/t CIF Rotterdam, which we could barely get any profits."
The source expects manganese demand to go up in the middle of the month when more consumers would place some orders for the material to be delivered in the last quarter of the year. "However, as the overall market is slowing down, the manganese market might be no exception. Our only wish is that the market would keep stable at current level or many domestic smelters might cut down or halt production again," said the source who reported that the domestic manganese price drops to around RMB20,000/t (USD2,924/t) ex works.
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