South Manganese surged nearly 7% to hit four-month high on news of industry production cut

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Shares of manganese companies stage a strong rally, with South Manganese, one of the world’s largest manganese producers, surging 6.9% in Hong Kong to close at HK$1.08, the highest level in nearly four months.

The China Ferroalloys Industry Association said that its Manganese Professional Committee held an emergency meeting on Friday, on which its more than 40 member manganese producers agreed to limit or reduce production by more than 60%, starting immediately, according to a statement on Friday.

The member companies also agreed to reduce purchases of imported ore by the most possible to prevent risks associated with higher ore prices and to be prepared for three-year difficult days and make efforts to cut costs, the association said.