China manganese up, supply slips

Print this page Posted on : 02-28-2009 by recycleinme.com

Manganese prices in Shanghai rose this week despite weak demand from stainless steel mills. Manganese was quoted in the range of 13,800-14,000 yuan ($2,018-$2,047) a tonne, up 2 per cent from a week earlier. ''Last week the price went down to below 13,000 yuan, which is lower than the production cost,'' said Mr Fu Li, vice president of Chongqing Trust-Glory New Metals Co, estimating the industry is running only 10 per cent of total production capacity. ''Many plants did not want to sell and scaled back production. The market will revive in March. Stainless steel mills have to buy again after having stayed away from the market for a month.''

Source : Business Line