NEW YORK Low- and medium-carbon ferromanganese prices have strengthened slightly, with the market still awaiting the outcome of Nucor Corp.s silicomanganese tender.
The price range for low-carbon ferromanganese narrowed to $1.02 to $1.05 per pound from $1 to $1.05 previously, while medium-carbon material narrowed to a range of 87 to 90 cents per pound from 85 to 90 cents.
Traders told AMM that the increases were prompted by a rise in activity over the past week, although some reported that transactions were for intertrade business.
Meanwhile, the outcome of Charlotte, N.C.-based Nucors silicomanganese tender (amm.com, Feb. 22) was still unknown to market participants contacted by AMM, with one trader saying that a decision will be made by March 4.
"Everyone is waiting to see where that one ends up," he said. "Depending on where it goes, it might give some momentum to the other alloys as well. Everyone on the supply side is still hopeful that prices will move up a few cents."
Silicomanganese spot transactions were unchanged in a range of 52 to 56 cents per pound.