NEW YORK High-carbon
ferromanganese prices have dropped again, although one trader
says an inability to move contracted material due to
Mississippi River flooding could push spot prices back up.
High-carbon ferromanganese has
fallen to a range of $1,050 to $1,100 per long ton from $1,090
to $1,145 previously. The major confirmed business was a
300-ton transaction to Saukville, Wis.-based Charter Steel at
$1,070 per long ton on a delivered basis.
prices have dropped steadily since April 2012, when they were
in a range of $1,300 to $1,350 per ton.
The trader said he had several
barges each containing 1,500 tonnes of material that are
"stranded" on the Mississippi River, which has been subject to
lock closures due to flooding in recent weeks (
amm.com, April 23). "They cant move, so
were running out of material. I was approached for
material in that Charter Steel tender, but I dont have it
to give," he said.
The trader said the issue has
the potential to create an increase in spot demand as the
barges containing material were intended to service fixed
Most locks along the river have
been reopened after closures in recent weeks, a U.S. Army Corps
of Engineers spokesman told AMM May 3. "We do have
forecasts coming out for more rain in the area, but right now
it doesnt look like were going to reach those
levels again that would necessitate a closure," he said.