7 Oct 08- Manganese metal market continues this week to slide largely due to over supply of material, and partly due to declining financial system in Europe and America. As at the close of the market last week, deals were sealed in the range of USD3, 450-3,550/t in warehouse Rotterdam, but about USD50-100/t less at the beginning of the market yesterday.
Sources think the end is yet to come for the commodity price is likely to drop further due to consumers wait and watch attitude.
A trader source in United Kingdom informed that at the moment he is just doing back to back trading because it is a waste of time waiting for end users to purchase material, as they are not willing to buy large quantity. "We sold some materials last week but price has slow this week to below EURO3,400/t in warehouse Rotterdam," he said. Although consumers are in the market, they keep postponing their purchase because of the belief that price will dip further.
Another trader source in Belgium revealed that manganese metal is getting weaker and deals have been concluded at USD3, 400/t in warehouse Rotterdam yesterday. He said the market is getting weaker and more people are getting nervous so selling their good at cheaper rate.
A third trader source in Germany said he heard manganese flakes price is now in the range of USD3,400-3,450/t in warehouse Rotterdam, but he is yet to witness any market this week. "Chinese suppliers are not getting clever, as they still continue to ship unsold material to Rotterdam so further worsening the market," he retorted.
Sources think the end is yet to come for the commodity price is likely to drop further due to consumers wait and watch attitude.
A trader source in United Kingdom informed that at the moment he is just doing back to back trading because it is a waste of time waiting for end users to purchase material, as they are not willing to buy large quantity. "We sold some materials last week but price has slow this week to below EURO3,400/t in warehouse Rotterdam," he said. Although consumers are in the market, they keep postponing their purchase because of the belief that price will dip further.
Another trader source in Belgium revealed that manganese metal is getting weaker and deals have been concluded at USD3, 400/t in warehouse Rotterdam yesterday. He said the market is getting weaker and more people are getting nervous so selling their good at cheaper rate.
A third trader source in Germany said he heard manganese flakes price is now in the range of USD3,400-3,450/t in warehouse Rotterdam, but he is yet to witness any market this week. "Chinese suppliers are not getting clever, as they still continue to ship unsold material to Rotterdam so further worsening the market," he retorted.
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