Most of the demand for Manganese goes to steel production which is consumed domestically or neighbouring countries that are going with the belt and road initiative. Export based commodities such as copper are getting smashed but Manganese has been largely immune to the trade wars. In fact the demand may actually go up as China will prop up their growth numbers with further infrastructure projects.
Manganese production is also mainly in the hands of a few large producers so when demand picks up it is not so easy to ramp up supply especially when most of the supply is coming from South Africa and is constrained by their rail infrastructure. Add to the fact that Chinese Manganese supply is continuously dropping due to their low grade and efforts to combat pollution.
Lastly the battery revolution will also be a strong factor for things to come especially when you see companies vying to cut out cobalt and go for cheaper bulk commodities as a main ingredient in the battery composition.
Can't wait for monday when JMS joins the ASX 300 and we will see likely a lot of new funds joining.
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