NEW YORK Low-carbon ferromanganese prices have softened as dwindling summer demand has forced sellers to cut their offers.
"People have product to sell, and there are no RFQs (requests for quotation)," one market source said.
Prices are now between $1.02 and $1.07 per pound, down from $1.05 to $1.10 previously, leading some sellers to consider pulling back from the market.
"Its getting to the point where Im asking myself whether its more efficient for me to supply it or not supply it," the market source said.
The lower tags could be due to an increasing amount of Indian material entering the domestic market, one trader said.
Imports from India of ferromanganese with not more than 1 percent carbon have shot up to 3,168 tonnes in the first six months of this year compared with 350 tonnes in all of 2011, U.S. Customs figures show.