NEW YORK Silicomanganese spot prices have inched up further, with a high-tonnage request for quote reportedly driving the market.
Silicomanganese now stands at 59 to 61 cents per pound compared with 58 to 60 cents per pound previously. Tags have risen consistently since silicomanganese traded in a range of 51 to 53 cents per pound at the start of December.
The market was heavily influenced by an 8,000-ton tender from one steel producer covering several locations (amm.com Feb. 21), with a few suppliers reporting that they had secured portions of the tender while also hearing quotes as high as 64 cents per pound on a delivered basis.
"I got the sense they were grateful to receive some bids, and were surprised by how few offers they did get," one supplier said.
"We were able to book, and then asked if we could do more, and we cant," a second supplier said.
The two suppliers said that they expected the tender outcome to establish a floor for the market due to the consumers reputation for securing material at lower prices.