South Korean steelmaker Posco has increased its manganese purchase price for January 2021 delivery. After Chinese spot prices increased.
Tender price for manganese flake rose to South Korean ports
Argusmedia.com reports that Posco’s tender price for manganese flake rose to $1,999/t cif South Korean ports for December delivery. And that put the price $350/t higher than a tender for December delivery released in mid-November.
Producers held back material in anticipation of higher prices
Further, it is reported that the company planned to purchase 5,244 t for delivery in January 2021, but has secured only about 1,000 t. As many producers held back material in anticipation of higher prices in the near term. The company still purchased 3,192 t in December.
Posco typically imports 3,500-5,000 t/month of manganese flake from China. And is thus one of the largest flake buyers outside China.
Steady rise in Mn prices in recent weeks
The range for 99.7% flake was estimated stable today at 12,400-12,600 yuan/t ($1,900-1,930/t) ex-works, following a steady rise in prices in recent weeks as producers continued to increase their offer prices.
Major smelter Ningxia Tianyuan has raised its flake offer prices by Yn500/t daily since December 10, reaching Yn14,000-14,200/t ex-factory yesterday. Most market participants were waiting for Posco’s tender price in recent days.
Source: argusmedia.com
Steelnews.biz constantly searches the Internet for important, interesting and informative news.
Are you missing an information, do you have a question or are you interested that we refer to a certain article or press release of Steelnews.biz? Then simply contact us now.
We always try to refer to the correct source of a news item.
Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.
