SHANGHAI, Apr. 16 (SMM) – The silicomanganese alloy market remained sluggish, with prices steady. Market players' confidence was extremely low due to constraints from steel plants and overseas manganese ore suppliers. SiMn 65/17 inventories in north China were still sufficient, with inventories at steel plants meeting their demand for production. Inventories in south China were lower than north China, but did fall short. Steel plants continued to release their capacities, but are unlikely to cede negotiating power over pricing, which, when combined with sluggishness of imported iron ore prices amid falling steel market, silicomanganese alloy will not reverse losses in the near term.
On the steel market side, one steel trader reported steel prices rose slightly recently due to slightly improving downstream demand, extremely low prices, insufficient resources at traders and falling raw material prices, as well as steel plants lowering ex-works prices. But the high steel inventories and slow depletion dragged down the steel market.
In general, the silicomanganese alloy market adopted a wait-and-see attitude, with transactions muted.