NEW YORK High-carbon ferromanganese prices have weakened to between $1,090 and $1,145 per long ton from $1,090 to $1,165 previously, with a three-truckload deal reported at the top end of the range this past week.
"Theres all sorts of high-carbon (ferromanganese) in the market," one producer source put forward as a likely reason behind the fall. The failure of Fort Belvoir, Va.-based DLA Strategic Materials to log sales also is a sign of poor market conditions, the producer source said.
There was little reported activity for medium- and low-carbon ferromanganese as second-quarter buying has concluded, and significant spot inquiries were few and far between.
"Theres not much to talk about, to tell you the truth," the producer source said. "Theres really been nothing at all. The past couple of weeks have been pretty much dead."
Medium-carbon ferromanganese prices have held steady at between 88 and 90 cents per pound, although small deals were reported both above and below AMMs range this past week. Low-carbon ferromanganese also remained unchanged at $1.04 to $1.06 per pound.
Prices on the two products are expected to rise, "especially on low-carbon ferromanganese," the producer source said. "Theres no reason for anybody to be aggressive on that."
Silicomanganese prices have remained steady at between 53 and 57 cents per pound, although market sources expressed some surprise that those levels havent risen.
"When you see the cost of ore has gone up and silicomanganese prices stay the same, its mind-boggling to us," a second producer source said.
Ferrosilicon held steady at between 92 and 94 cents per pound after a recent drop, with six truckloads reportedly sold at the lower end of the range this past week.
"A month ago, things were tight. Of course, the minute the market goes up, more material floods in," one trader said of a likely reason for the lower prices.
A large domestic steelmaker is said to be looking to secure a long-term supply of the material, although no deal has been concluded, market sources said.
High-carbon ferrochrome prices remained in a range of $1 to $1.03 per pound with few reported transactions, although there were unconfirmed reports that a one-and-a-half-truckload deal had been done well below AMMs range.
"We heard that; its been going around," a second trader said. "Im not sure whats happening."
Low-carbon ferrochrome (0.10-percent grade) held at $2.02 to $2.07 per pound, with eight tons of the material reportedly sold at $2.05 per pound this past week, although larger, unconfirmed deals to consumers were reported below AMMs range.
Meanwhile, molybdic oxide ticked up slightly to between $10.90 and $11.30 per pound from $10.75 to $11.20 previously, with a truckload sale of briquettes reported at the top end of the range. Spot activity was still said to be limited, however.
"Its really slow in the United States," one producer source said. "Mills are buying as they need, but theyre not roaring along."
Ferromolybdenum was unchanged at between $11.90 and $12.35 per pound with no reported spot activity.
Ferrovanadium also held firm at between $14.90 and $15.15 per pound, with the most recent reported spot business being a one-truckload sale at $15 per pound.