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South Korean steelmaker Posco has increased its manganese purchase price for January 2021 delivery. After Chinese spot prices increased.

Posco raises manganese purchase price for January 2021 delivery
Posco raises Mn purchase price for January 2021 delivery

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


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