Lower tender prices at steelmaker affect silico-manganese spot prices

SHANGHAI, Feb 26 (SMM) – Xiangtan Iron & Steel of Hunan Valin, a large steelmaker in Hunan province, settled its March's purchasing price of silico-manganese alloy lower than market expectations, at 7,780 yuan/mt, on Tuesday February 26. This affected offers of silico-manganese alloy in the spot market.

Some traders in the south lowered offers by 20-50 yuan/mt in trades this afternoon, at 7,750 yuan/mt ex-work on acceptance. SMM learned that there was a further downward room in the offers. 

Purchasing prices set by Xiangtan Iron & Steel included tax and transport costs, with procurement volume at 14,000 mt.