Spot export trades for Chinese electrolytic manganese metal on an FOB basis stayed thin on weak demand and the Dragon Boat Festival holiday from June 9-11, while offers generally remained steady, seeing no significant change, industry sources said this week.
The 99.7% manganese export price assessment was kept at $1,510-$1,550/mt FOB China Friday, unchanged from a week ago as heard market indications were within the range.
Most sources continued to say that spot supply, especially for June delivery, had stayed tight as output rates had not picked up as quickly as expected, while near-term July material was available.
"There's nothing much. The market is very quiet due to the holiday. I only have material for July delivery and have nothing for June. Domestic offers are probably around Yuan 9,800/mt ($1,493/mt) ex works and FOB offers at about $1,530/mt," said a south China-based producer.
A northwest China-based industry source, who heard steady offers in excess of $1,500/mt FOB, said spot supply had remained tight, while a south China-based trader, who also reckoned offers to be holding steady around $1,500/mt FOB, said some producers were only producing upon receiving an order.
A South Korean trader said he had not been trading for a while due to weak demand, while another agreed the market had not been good as there was no demand.
"I heard that there's a South Korean buy tender but it has to be delayed due to the Chinese holiday," added the first South Korean trader.
