Export duty gives manganese increase in demand in India
2006-10-31 13:38:28 【Print】
BEIJING (Asian Metal) 31 Oct 06 - Manganese metal traders have been on their normal deals for over three weeks but last Friday came in and broke the stability and silence in the market trend.
European manganese traders were shocked at the news of the export duty imposed by the Chinese government last Friday. Some of them had the whole weekend thinking of how to bring in concluded deals quickly while others are just running around to receive offers and conclude them before the 1st of November. All the same, the market atmosphere remains quiet in Europe.
A European trader reported to Asian Metal on 40t of manganese flakes deal concluded at around USD1,380/t CIF Rotterdam towards the end of last week and while explaining he said, "The 15% export duty imposed by the Chinese government was a surprise to me and I know it will awake the stability in the manganese market trend, though, up till now, the market remains calm".
An Indian trader revealed to Asian Metal on a deal of manganese received and concluded last week at about USD1,370/t CIF Indian main port and during the report, he explained his nervousness on hearing the new policy on manganese metal by trying to view what might happen soon to the manganese market.
Some Indian traders also told Asian Metal that due to the export duty rate, both domestic and international traders are going to the Indian domestic market to receive and conclude deals as soon as they can and this has increased the demand for manganese in the Indian market.
