Tuesday afternoon, manganese flake price dropped to USD3,100-3,200/t in warehouse Rotterdam, and consumers who were watching the trend closely rushed for supplies, which caused price of the material to rise again on Wednesday.“The price stopped sliding on Tuesday afternoon when someone offered at USD3,100/t in warehouse, and many consumers came to me and asked for material,” said an official from a European major trading company, and added, “If we had talked in the morning of Tuesday, I would have said the market was falling like a stone.”
He told Asian Metal that Wednesday the offers from China were going up and he received quotations in the wide range of USD3,300-3,700/t CIF Rotterdam. The source takes that the gap between the low and high is wide because manganese flake market is moving now. “One of the offers I received was USD3,600/t CIF Taiwan, and the ocean freight across the strait is close to nil.” According to him, the price offered from the Western traders is also raised to USD3,600/t in warehouse and above.
The official takes that the reason for the manganese price stopped sliding is because of the rising ferromanganese price. As a substitute of manganese, 80%min MC FeMn is selling in the range of EURO1,600-1,800/t delivered to customer, although rate of the material used may not be the same, but calculating to manganese flake, the price is around USD3,100/t, which is almost the same as the price manganese metal dropped to. Moreover, MC FeMn is in short supply as the France producer is not in normal production.
As the demand has picked up a little, the official is optimistic about the market that price will firm at around USD3,500-3,600/t or go up further. “Although the big consumers are already covered, there are some smaller customers waiting for the price to drop to a ‘desired level’, then they will back to the market and start to buy,” said the source.
An Eastern European trader confirmed higher offers on Wednesday in warehouse Rotterdam at USD3,680/t for prompt release. Compared to the price of USD3,500-3,600/t in warehouse Rotterdam earlier in the week, the price is going up.
However, not everyone had captured the lowest moment of the market, that many market participants were confused when they see higher offers in Rotterdam warehouse and from China. As demand of manganese flake is not yet fully recovered, market participants still need to be very cautious.
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