Manganese resellers try to raise prices, alloy markets soar

The Chinese silico-manganese futures market extended its bullish rally after the mid-Autumn festival holiday (September 20-21).

The most-traded January silico-manganese contract on the Zhengzhou Commodity Exchange hit an all-time high of 11,898 yuan ($1,840) per tonne on Thursday September 23. This is up by 35.51% from the intra-day high of 8,780 yuan per tonne on September 1. The contract then declined by 10.20% on September 24 to close at 10,684 yuan per tonne.
The record-breaking futures prices have caused spot prices to jump. There has been very limited spot availability after producers delivered their cargoes to steel mills to fulfill long-term contracts, or to the exchange at prices they previously locked in, participants told Fastmarkets.

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Published

William Clarke

Siyi Liu

September 28, 2021

03:33 GMT

London, Shanghai