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POSCO eyes higher purchase price for February's manganese flake
2020-01-13 09:33:09 【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 99.7%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.
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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.
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