China's silico manganese prices drop w-o-w amid weak market sentiments

China's silico manganese prices declined w-o-w due to its gloomy market situation. Domestic silico manganese (Mn: 65%) acceptance offers functioned dull as the prices fell by RMB 120/t ($16.40/t), hovered at around RMB 6,620-6,720/t ($905-$918/t). All prices mentioned are exw, including tax.

With deserted trading atmosphere the silico manganese market operated weak and future prices fell w-o-w. Steel mills stayed more cautious while purchasing, and silico manganese manufacturers were under pressure while increasing the prices. The silico manganese companies remained hesitant to ship their product at lower prices.

Similarly, the manganese ore market operated weak, and the overall market remained vigilant. The railway track between Gabon's ports of Ovindo and Franceville was repaired and fully restored to operation.

However, it is anticipated that as the steel industry grows, the demand for silico manganese would increase. Suppliers even raised their prices as they anticipated that the demand would go up in near future, which may support prices.

Note: This article has been written in accordance with an agreement between CBC and SteelMint.