Spot export prices for Chinese electrolytic manganese metal rose this week as offers from suppliers climbed on expectations of restocking demand ahead of the February 4-10 Lunar New Year holidays, sources said Friday.
S&P Global Platts assessed Chinese 99.7% manganese metal at $1,960-$1,970/mt FOB China Friday, up from $1,920-$1,970/mt a week earlier.
"We are now offering $2,000/mt FOB for exports to be delivered before the [Lunar] New Year holidays, and $1,970-1,980/mt for shipments after," a Xian trader said, adding that prices were also supported as transportation has been hit by heavy snow in some regions.
A Hunan producer agreed: "We are offering $1,980/mt FOB for export now, for deliveries after the New Year holidays. For shipments before, we will want $2,000/mt FOB or higher."
A Taiwan consumer said Friday they heard offers this week at $2,000/mt CIF but were not buying at the moment.
"We may buy some spot in the second half of January just to stock up for the Lunar New Year break," the consumer said.
In the near term, prices are expected to stay supported, but will likely fall back in March after the holidays, sources said.
"Quite a few stainless steel plants are expected to reduce output during the New Year holidays to conduct maintenance, so demand will lower. We'll need to see how much output will resume in March to get a clearer direction," the Xian trader said.
