Mainstream steel mills launched the first round of tender inquiry, all parties held a wait-and-see attitude [SMM SiMn Alloy Daily Review]

On June 5, 6517 SiMn alloy prices in North China were 8,100-8,300 yuan/mt (cash), flat from the previous day; those in South China were8,200-8,400 yuan/mt (cash), also flat from the previous trading day. According to SMM, SiMn alloy spot prices slightly declined. As offers varied largely and mainstream steel mills launched the first round of tender inquiry, most parties held a wait-and-see attitude. Sellers refrained from selling, leading to a tight spot supply in the market. Downstream was cautious in procurement, and steel mills still had a fear of high SiMn alloy prices, with the first round of bidding inquiries at 7,900 yuan/mt. Further attention is needed on the bidding pricing of mainstream steel mills and changes in the supply-demand relationship of SiMn alloy.