It is reported that pressed by shrinking demand and plunging imported Mn ore price, steelmakers have sharply cut High Carbon Ferro Manganese purchase prices for June.
WISCO reduced by CNY 100 per tonne from the May level; Hebei Steel Group and Hengyang Valin Steel Tube cut CNY 350 per tonne and Shougang Steel by CNY 500 per tonne. Ma'anshan Steel, based in Anhui, suspended restocking in June owing to a decrease in demand.
TISCO completed HCFeMn public bidding yesterday with the lowest purchase price of CNY 6,000 per tonne among the above mills.
FeMn makers said mills have forced the HCFeMn price to the cost line. As cheap Mn ore hasn't arrived at ports and the HCFeMn price is too low to earn profit, many insiders are viewing the future market pessimistically. The current mainstream price of HCFeMn stands at CNY 6200 to 6300 per tonne. Meanwhile, global demand has also softened with fading exports. HCFeMn export quotations slipped to USD 1,100 per tonne FOB, with few transactions.
Statistics show that China has totally exported 1331.71 tonnes of FeMn in April falling 67.43% MoM and 95.66% YoY.
Source: Steel Guru
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