POSCO eyes higher purchase price for February's manganese flake
2020-01-13 15:05:02 [Print]
BEIJING (Asian Metal) 13 Jan 20 - On the afternoon of last Friday, the world's fifth largest steel mill POSCO released February's bidding result for manganese flake 99
A source from the company revealed that the company invited February's bids to purchase 2,280t of manganese flake last Wednesday and confirmed USD1,508/t CIF South Korea as the final price on Friday afternoon, up by USD43/t MOM. "The price of USD1,490/t last Friday was a fake news released by bidders to squeeze down on prices from Chinese suppliers . The price rise this time resulted from increasing EXW prices for Chinese manganese flake and the sharp increase in the exchange rate of Yuan against U . S . dollar," the source added . The exchange rate of Yuan against U . S . dollar reached the low level of 6 . 92 and the middle rate in Hong Kong reached the low level of 6 . 88 last Friday, up by about 2% from early last week. According to the source, the exchange rate accounted for nearly USD30/t in the price rise. The company last solicited bids in early December to purchase 3,515t of manganese flake and the final price was USD1,465/t CIF South Korea.
POSCO is one of the largest steel manufacturers in the world and produces hot-rolled coil, steel plate, steel bar, cold-rolled steel plate, steel sheet with electrical conductivity, stainless steel products and so on. It usually purchases about 4,500t of manganese flake 99 . 7%min on a monthly basis . With a total purchase volume of 47,225t of the material in 2019, the company purchased 3,515t and 2,280t for January and February 2020 respectively.
Currently, export prices for Chinese manganese flake 99.7%min are largely at USD1,470-1,500/t Ex-VAT FOB China, up by USD20/t from late last week.
. 7%min. The final price was USD1,508/t CIF South Korea, up by USD43/t MOM, while the purchase volume stood at 2,280t, down by 1,235t MOM . The delivery will be made before 6 March, 2020. A source from the company revealed that the company invited February's bids to purchase 2,280t of manganese flake last Wednesday and confirmed USD1,508/t CIF South Korea as the final price on Friday afternoon, up by USD43/t MOM. "The price of USD1,490/t last Friday was a fake news released by bidders to squeeze down on prices from Chinese suppliers . The price rise this time resulted from increasing EXW prices for Chinese manganese flake and the sharp increase in the exchange rate of Yuan against U . S . dollar," the source added . The exchange rate of Yuan against U . S . dollar reached the low level of 6 . 92 and the middle rate in Hong Kong reached the low level of 6 . 88 last Friday, up by about 2% from early last week. According to the source, the exchange rate accounted for nearly USD30/t in the price rise. The company last solicited bids in early December to purchase 3,515t of manganese flake and the final price was USD1,465/t CIF South Korea.
POSCO is one of the largest steel manufacturers in the world and produces hot-rolled coil, steel plate, steel bar, cold-rolled steel plate, steel sheet with electrical conductivity, stainless steel products and so on. It usually purchases about 4,500t of manganese flake 99 . 7%min on a monthly basis . With a total purchase volume of 47,225t of the material in 2019, the company purchased 3,515t and 2,280t for January and February 2020 respectively.
Currently, export prices for Chinese manganese flake 99.7%min are largely at USD1,470-1,500/t Ex-VAT FOB China, up by USD20/t from late last week.