NEW YORK Strong
competition for spot business has dragged down high-carbon
ferromanganese prices, while silicomanganese traders continue
to express frustration with reported lower selling prices.
ferromanganese has dropped to $1,015 to $1,060 per long ton
from $1,050 to $1,100 previously, while the range for
low-carbon ferromanganese has widened to $1.01 to $1.05 per
pound from $1.03 to $1.05.
AMM that the market was strongly influenced by a
high-volume request for quotations which was settled below
previously published prices.
themselves at the business," one trader said.
A second trader said
that prices also are being forced down because of a weakening
South African rand, while global production continues to exceed
demand. "Theyre basically putting more material in the
market than what is needed," he said.
silicomanganese prices held between 52 and 53 cents per pound,
with traders continuing to voice frustration after a
companys sales at lower prices caused the market to dip
two weeks ago (
amm.com, June 14).
"It doesnt make
sense for them to minimize their price other than to lower
published prices. Its got us a little rattled," the
second trader said.
"Unless (they) plan on
supplying the market until 2014 by themselves, I wish everyone
good luck," a third trader said.
"That company has been
really aggressive in the market," a fourth trader said.
"Hopefully the third-quarter business has been completed, and
whatever blood has been spilled, now the wounds can heal."
The recent drop in
silicomanganese defied previous forecasts that prices would
increase with Felman Production LLCs decision to idle one
of its furnaces (
amm.com, May 24).
"There are a lot of
disconnects out there. Its a perplexing scenario," a
fifth trader said. "The supply-demand fundamentals are out the