Singapore — Spot export prices of Chinese electrolytic manganese metal were rangebound this week, with the market eying upcoming tenders for a sense of direction.
The S&P Global Platts weekly 99.7% manganese metal assessment remained unchanged at $2,520-$2,580/mt FOB basis.
Export offer prices were heard at $2,560-$2,600/mt FOB basis this week, compared with $2,500-$2,600/mt last week.
An East Asia buyer said that the current high price levels of EMM did not make sense fundamentally, considering that demand should have softened this week.
A South Korean buyer also said that EMM prices should be falling very soon.
Sources said that EMM prices came down to $2,500/mt levels earlier this week before regaining strength at the end of the week.
"Prices are very volatile this week due to previous environmental concerns coming back to play...I believe prices will edge higher," a Chongqing producer said.
A Shaanxi trader, who was not participating in spot trading, recently said that EMM production is still tight at the moment and there is no surprise that prices are rising.
"We cannot really tell how serious the production cuts are in Ningxia but we do hope more clarity will be revealed in time," the East Asia buyer also said.
