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Ferrochrome, ferromoly prices drop

Keywords: Tags  ferrochrome prices, ferrochrome demand, ferromolybdenum, ferrosilicon, Daniel Fitzgerald

NEW YORK — Low-carbon ferrochrome prices dropped slightly amid lower trading activity, while ferromolybdenum prices also eased on slack demand.

Prices for 0.05-percent low-carbon ferrochrome dropped to a range of $2.21 to $2.25 per pound from $2.23 to $2.26 previously; 0.10-percent low-carbon material eased to $2.05 to $2.10 per pound from $2.06 to $2.10; and 0.15-percent low-carbon ferrochrome fell to $1.99 to $2.04 per pound from $2 to $2.05 previously.

"I don’t think there’s any rhyme or reason to it. Some guys are prepared to sell just to break even," one trader said.

"There’s not a lot of activity from what I’m seeing," a second trader said. "It should be doing better with automotive and housing doing well. But a lot of mills covered their first and second quarter before the end of 2012, getting in on those bargain-basement levels."

Meanwhile, ferromolybdenum prices dropped to $12.50 to $12.75 per pound from $12.50 to $13 previously.

"I’m just not seeing any new orders coming in. The slowness we’ve been in since the third quarter seems to be continuing," one producer said.

"Ferromolybdenum has been a little under pressure," a third trader added. "Most traders have moved away from it."

Ferrosilicon prices were steady at 93 to 96 cents per pound, although one consumer confirmed that his company would be looking into the market next week.

This prompted one trader to suggest that a dearth of material could push prices up. "It will be interesting to hear if they’re able to get it," the ferrosilicon trader said.

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