SHANGHAI, Jul. 2 (SMM) – Worsening SiMn alloy market has triggered pessimism in imported manganese ore market at China’s northern ports, SMM has learned.
SiMn alloy oversupply and sluggish steel market prompted steel mills to push even harder for lower input prices. Hebei Iron & Steel Group plans to cut SiMn alloy purchases for July delivery by 260 tonnes to 27,350 tonnes. Wuhan Iron & Steel Group cut preliminary bid price of 65/17 SiMn alloy by 60 yuan per tonne. Steel mills in northwest China plan to cut SiMn alloy bid prices by 50-200 yuan per tonne.
Should SiMn alloy prices continue falling, SiMn alloy producers will cut manganese ore purchases and push for lower ore prices.
Many traders at the country’s northern ports cut manganese ore prices by 0.1-0.2 yuan per mtu on July 2, SMM’s survey found.
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