Mining News Pro - The Chinese steel mills have started a new round of purchase of Silico Manganese before Mid-Autumn Festival holidays pushing the prices up to RMB 9,100/MT (USD 1,325/MT).
According to Mining News Pro - The Chinese steel mills have started a new round of purchase of Silico Manganese before Mid-Autumn Festival holidays pushing the prices up to RMB 9,100/MT (USD 1,325/MT).
Sha Steel Group announced its purchasing price at RMB 9100/MT (USD 1,325/MT), a slight decrease of RMB 100/MT (USD 14.5/MT) on M-o-M basis, and Hengyang Valin Steel Tube released its purchasing price at RMB 9050/MT (USD 1317.5/MT) with a tender volume of 2,000 tons.
The alloy producers are observed to be confident expecting the higher offers to get accepted, therefore reluctant to negotiate to a lower price. However, the steel mills are bidding on lower offers despite the trend for the commodity heading northwards resulting in a deadlock with offers and bids moving opposite direction.
After the holiday, the Silico Manganese market has maintained stable operation without much fluctuation as the current mainstream quotation is still between RMB 8500-8600/MT (USD 1237-1252/MT).
The alloy index shows that the price of Silico Manganese 65-17 grade continued to see narrow fluctuation on September 25. Specifically, prices in the provinces of Henan, Hebei, Shandong, and Jiangsu are offered between RMB 8775-9029/MT (USD 1277-1324/MT).
On the future outlook, demand is expected to rise as steel mills are willing to make the purchase in advance before the festival. Moreover, considering a tight supply of the commodity, most participants in the industry expressed that it is unlikely to see sharp fall in Silico Manganese price the by mainstream steel mills in October, and it might hover around RMB 9000/MT (USD 1310/MT).
