SHANGHAI, Apr. 2 (SMM) – The release of procurement prices by Hebei I/S continued to weigh on the already weak silicomanganese alloy market. Despite a slight decline in spot prices for manganese ore at ports, steel mills cut procurement prices for silicomanganese alloy by RMB 150-250/mt. Besides, market expected electricity prices will be lowered in south China and local governments may introduce electricity subsidy, but alloy producers were bearish to market outlook, believing alloy market is saturated, and SME alloy producers will increase output should supporting policy rolled out, which will pose heavier pressure on spot alloy prices. SMM believes the oversupply in silicomanganese alloy and other alloy markets left prices hard to increase in the short term.

Mainstream quotes for silicomanganese alloy today: