Due to the low expectation on the manganese market after the National Day, some suppliers are selling in panic and manganese price drops further to almost USD3,600/t FOB, but many suppliers are still reluctant to sell at around RMB19,200-19,500/t (USD2,803-2,847/t) ex works in domestic market.
A Hunan-based smelter claimed that they just concluded a deal at USD3,950/t CIF Pusan. "The buyer just wants two cargos of the material for prompt delivery," said the source who has planned to lower the offers to USD3,850/t CIF Pusan but before they made the adjustment, the buyer has decided to make the deal. "Actually, manganese demand is a bit strong at the moment with many foreign buyers back to place orders." The source still owns about 100t of the material at hand and they might lower their offer further to release the huge stockpiles.
The source reported that some suppliers have already lowered their offers to almost USD3,650-3,700/t CIF Rotterdam. "The overall economic trend is very dim, and thus many smelters would rather strive for some deals even at much lower prices."
Another Hunan-based smelter who just runs at half of its capacity of 12,000tpy told Asian Metal that though some smelters are still reluctant to sell at prices below RMB20,000/t (USD2,920/t) ex works, some others have already lowered their prices to RMB19,200/t (USD2,803/t) ex works at the lowest. "It is expected that the price might fall to below RMB19,000/t (USD2,774/t) ex works," said the source who is very pessimistic about the stainless steel market in the fourth quarter of the year.
The source claimed that they received routine inquiries from the foreign buyers but they are not interested in selling at prices below USD3,700/t FOB. "However, the buyers could still get the material at much lower prices," said the source who complained that due to the low price at around USD3,700/t in warehouse Rotterdam, no foreign buyer would be willing to purchase at prices above USD3,650/t CIF Rotterdam for the moment.
A Hunan-based smelter claimed that they just concluded a deal at USD3,950/t CIF Pusan. "The buyer just wants two cargos of the material for prompt delivery," said the source who has planned to lower the offers to USD3,850/t CIF Pusan but before they made the adjustment, the buyer has decided to make the deal. "Actually, manganese demand is a bit strong at the moment with many foreign buyers back to place orders." The source still owns about 100t of the material at hand and they might lower their offer further to release the huge stockpiles.
The source reported that some suppliers have already lowered their offers to almost USD3,650-3,700/t CIF Rotterdam. "The overall economic trend is very dim, and thus many smelters would rather strive for some deals even at much lower prices."
Another Hunan-based smelter who just runs at half of its capacity of 12,000tpy told Asian Metal that though some smelters are still reluctant to sell at prices below RMB20,000/t (USD2,920/t) ex works, some others have already lowered their prices to RMB19,200/t (USD2,803/t) ex works at the lowest. "It is expected that the price might fall to below RMB19,000/t (USD2,774/t) ex works," said the source who is very pessimistic about the stainless steel market in the fourth quarter of the year.
The source claimed that they received routine inquiries from the foreign buyers but they are not interested in selling at prices below USD3,700/t FOB. "However, the buyers could still get the material at much lower prices," said the source who complained that due to the low price at around USD3,700/t in warehouse Rotterdam, no foreign buyer would be willing to purchase at prices above USD3,650/t CIF Rotterdam for the moment.
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