NEW YORK Ferromanganese prices have risen amid reports of increased demand and one major request for quote, while one Nucor Corp. plant reportedly is back in the market for silicomanganese.
High-carbon ferromanganese moved up to a range of $1,110 to $1,180 per long ton from $1,090 to $1,160 previously, while medium- and low-carbon metal tightened to 88 to 90 cents per pound and $1.04 to $1.06 per pound, respectively, from prior ranges of 87 to 90 cents and $1.02 to $1.06 per pound.
Theres some strength in ferromanganese. ... Everyone is complaining about the cost of production over here vs. the price, so theyre trying to push it up a bit, one trader said.
With ferromanganese, I think its a situation where demand is catching up with supply, a second trader said.
A source at North Star BlueScope Steel LLC, Delta, Ohio, confirmed that it submitted a request for quote for high-, medium- and low-carbon ferromanganese. We have put in place most of our manganese that well require for calendar 2013, but were requesting quotes to see what might be out there if we require more, he said.
The source added that it was too soon to tell how prices and availability appeared to the company, with the request for quote set to close late in the coming week.
A third trader said he submitted quotes to North Star BlueScope above AMM
s current published price as the market strengthens. We sold at $1.06 last week for low-carbon ferromanganese, so well continue pushing for those prices, he added.
Meanwhile, Nucors Darlington, S.C., plant has reportedly submitted a request for quote for silicomanganese, just one week after it was said to have closed a major silicomanganese tender for several of its mills (amm.com, March 8).
(Darlington) had initially gone out for chip material, but then they decided to switch to lump material. So theyve gone back out again, the second trader said.
A fourth trader said that the Darlington mill was seeking up to 2,500 tons per quarter, but he was unsure of why the mill was back in the market again so soon after the rest of the company concluded a major tender.
I suspect they didnt like the high numbers that were quoted to them ... so maybe theyre going to see if its changed. But it might be a little too soon. Id be surprised if they see any lower numbers, he said.
Charlotte, N.C.-based Nucor didnt respond to a request for comment.