January 2012 | Ferro-alloys
European markets ease: Manganese Highlights
European silico-manganese are off their lows, but further gains will be dependent on producer discipline.
The European spot silico-manganese market has eased on quiet demand in the steel sector, which has slashed production down to about half the average rated capacity against weak underlying consumption in the construction sector. Spot silico-manganese prices are around €820-840/tonne ($1,045-1,070/tonne) delivered. Prices have slipped from December, when prices were ranging between €850-880/tonne, but have picked up off the late December/early January lows of €780-830/tonne.
In addition to reduced demand from steelmakers, cheaper exports from India and China have been weighing on the European market. Weakness in those domestic markets has encouraged increased exports of inexpensive material. The recent improvement in silico-manganese prices can be at least partly attributed to a recent agreement among Indian silico-manganese suppliers to increase prices given power tariff hikes by the Indian government. We have...
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