NEW YORK Spot prices for low- and medium-carbon ferromanganese have begun to inch up as more spot inquiries emerge following the seasonal summer slowdown.
AMMs price assessment for low-carbon ferromanganese moved to $1.04 to $1.05 per pound from $1.03 to $1.04 per pound previously, while medium-carbon ferromanganese also moved up a penny to 96 to 97 cents per pound.
"People are starting to see how high they can get (material), as a lot of (buyers) have come out in the last couple of weeks," one supplier said. "Im hoping to see 98 cents per pound soon, though I dont have the material to play with right now."
The same trader said he was pleased with the robustness of prices for medium-carbon ferromanganese, which entered 2014 trading in a range of 86 to 88 cents per pound.
"I thought we might see a little slippage over the summer, but it hasnt happened. Now were seeing several people come out for material, and maybe we can get $1 per pound before the end of the year," he said. "Some people were predicting we wouldnt get 94 cents this year. I like how we got through the slow season, so hopefully no one puts the brakes on and well keep going."
Contract offtake has remained very strong through the summer, other ferromanganese suppliers said.
"The contract offtake is still as strong as hell, its unbelievable. ... This reminds me of 2007 and early 2008 offtake levels, where people were coming for material at a great pace. Sometimes we just cant get trucks to cover some of the offtake demand were getting," a second supplier said.
"No one sees any slowdowns, everyone sees a gradual increase through the rest of the year," a third supplier said.