European manganese price jumps higher

Although demand is still not picking up, European dealers reported to Asian Metal that manganese price is moving up fast, and they expect little availability soon.
A European trader confirmed a deal of manganese concluded on last Wednesday at USD4,150/t in warehouse, and the current offers from China are at around USD4,400/t CIF Rotterdam. "However, my customers resist to buy at such high prices," said the trader last Friday.
Due to the combination of the Chinese New Year and bad weather in China, the source believes new material will not be available in the market until the middle or late March, so price will continue to go up. "But there is some profit-taking at the moment, so price may not go up as fast as last year," said the source.
Another trader reported to Asian Metal that deals of manganese concluded at USD4,400/t in warehouse Rotterdam, and now people who have material are offering at USD4,700/t in warehouse for manganese flake, and USD4,850/t for manganese lump. He believes price will reach USD5,000/t by this week.
According to the trader, many market participants have raw material that will last until the end of February, so they are waiting for the price to drop. "But they will find price is not going to lower until April," remarked the source, and added, "They will have to pay higher prices by then."