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iconMay 23, 2013 17:25
Source:SMM
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Steel Market:  
The ex-works prices of Jiangsu Shagang Group’s HRB400 bar, high-speed steel wire and screw-thread steel for late May dropped RMB 30-50/mt. On May 11th, Shagang Group kept HRB400 bar ex-works prices unchanged at RMB 3,710/mt, RMB 60/mt higher than in Hangzhou. Nevertheless, there is still room for profits as steel mills will offer subsidies to distributers. SMM understands that finished steel prices may drop further.         
Domestic Market:
BHP’s manganese ore (for departure in July) CIF quotations to Chinese importers remain unchanged, temporarily alleviating pessimism. On the other hand, pressure from manganese alloy producers for lower input costs remains. With manganese ore CIF prices being firm, traders are hoping that downstream demand will pick up once power tariff in south China is cut with the onset of rainy season. However, rumor is circulating that electricity prices in Hunan and Guangxi provinces will not be lowered, depressing manganese alloy producers.
 
 
Transactions:
More South African mixed carbonate manganese ore will arrive at southern ports, which will put downward pressure on manganese ore prices at ports.
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