NEW YORK The silicomanganese and ferrosilicon markets continue to await the outcome of tenders from Nucor Corp., though ferrosilicon prices have ticked up slightly in the meantime.
Traders told AMM that they have yet to hear the results of Charlotte, N.C.-based Nucors silicomanganese tender for up to 3,300 tons of material, which is expected to give the market significant pricing direction (amm.com, May 24
Spot silicomanganese prices held in a range of 53 to 57 cents per pound amid few reported transactions.
I think theyre dragging their feet a little bit on whether or not theyll purchase, one trader said.
A second trader said that he booked 3,500 tons of silicomanganese on a formula-based agreement with another consumer, citing the sale as evidence the material will be in stronger demand following news that Felman Production LLC will soon idle one of its furnaces (amm.com, May 20
You know the price will shoot up sooner or later, he said. This just shows you that people are coming to us because there is a shortage of other suppliers.
Meanwhile, ferrosilicon prices ticked up to a range of 92 to 94 cents per pound from 91 to 93 cents previously.
The second trader expects the outcome of a Nucor tender for ferrosilicon to be known within the next week. Im hearing that they are holding lower offers than the current market, a third trader said.
Nucor could not be reached for comment.