The market for manganese has been experiencing a long period of depressed prices both in nominal and real terms with only short-lived exceptions. Demand for manganese, primarily linked to the activity in the iron and steel industry, is suffering the consequences from the deep structural change occuring in the world steel industry for more than a decade, and also from the slow-down in general economic activity in western industrialized nations since the first oil price boom of the 1970’s. On the other hand, supply growing well ahead of demand for many years has contributed to enhance competition in a market formerly controlled by vertically-integrated steel firms.
KeywordsHistorical Simulation Supply Shock Price Trend Stochastic Disturbance Recursive Model
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