Due to a tight market balance, Citibank expects spot prices to sustain in the near term at $6.50-7 per dry metric tonne unit (dmtu), cif, China.
One of the strong supporting factors is China's increasing dependence on imports, which remains the most important catalyst for seaborne prices, Citi's analysts said in a report released on January 30.China's manganese ore imports grew 30% year on year during the January-November period of 2017, while China's crude steel output only grew moderately at around 5% and this trend is likely to continue, the report said. Supply-wise, China's...