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PrintChinese high-carbon ferromanganese and silicon manganese prices are expected to bottom out in December on firm ore prices and higher power costs, said market sources.
It is said that recently, high-carbon ferromanganese was trading at RMB6,900-7,000/mt($1,010-1,025/mt), down from RMB7,000-7,200/mt last week. While silicon manganese was trading at RMB7,000-7,400/mt, with the top end of the range dropping RMB200/mt from last week.
"It is difficult for manganese alloy prices to continue to fall as current prices have fallen to production costs and many producers have cut their operating rates by 60-70% to reduce risks," said a major manganese alloy producer in northern China's Liaoning province.
Manganese ore prices have mostly kept firm at $5-6 per mtu for the last several weeks. Malaysian manganese ore prices have been increased to $4.2 per mtu this week from $3.5-3.8 per mtu, due to tighter supply, traders said. Manganese ore stocks at China's ports remain high at around 1.65 million tonnes, above the 1-1.2 million tonnes considered normal, importers said.
There are around 700,000 tonnes in Qinzhou, 500,000 tonnes in Tianjin, 150,000 tonnes in Fangcheng, 140,000 tonnes in Lianyungang and 160,000 tonnes in Zhanjiang, according to market resources.
Considering the increased production cost and low price currently, many market participants are looking forward to a recovery in manganese alloy prices next month.
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