Electrolytic manganese slips down
2005-02-22 09:00:40 【Print】
BEIJING (Asian Metal) 22-Feb-2005 The contracted price of electrolytic manganese drifted down to current $1550-1580/t FOB while before Spring Festival holidays, it was as high as $1600-1630/t FOB.
“Our current contracted price is around $1570/t FOB, down from above $1600/t FOB before Spring Festival,” a Hunan based smelter told Asian Metal today. Being worried about the future soft market, the firm concluded as much as over 1000t materials at the price level.
According to the manager, some European buyers even hope to contract at as low as $1550/t FOB. “In my opinion, the price decreases because of the poor domestic demand. Most of the domestic steel mills have not begun to resume the purchase after the Spring Festival holiday and only sellers are in the market,” commented the manager.
The firm could produce about 1000tpm at present, representing two thirds of the 1500tpm capacity due to power shortage.
Meanwhile, a Hongkong based trader thought that the price would not drop too much in the forthcoming weeks when domestic and international buyers rush into the market. The trader just came back from the Spring Festival holidays and virtually had no new orders, while he concluded at around $1600/t FOB before holidays.
