SHANGHAI, Feb 27 (SMM) – Spot prices of silico-manganese alloy extended their declines on Wednesday February 27 as traders were bearish over March’s purchasing prices by steelmakers.
This morning, prices #6517 silico-manganese alloy in Inner Mongolia averaged 7,550 yuan/mt, ex-works on acceptance, down 150 yuan/mt from the previous morning. Offers were mostly heard at 7,300-7,500 yuan/mt, ex-works in cash, on the morning of February 27.
As the market awaited March’s tenders by China's biggest steelmaker Hebei Iron and Steel Group (HBIS Group), some traders in Inner Mongolia took a pessimistic outlook and expected a purchasing price at 7,800-7,850 yuan/mt, on acceptance with cargoes delivered to factories.
On Tuesday February 26, Xiangtan Iron & Steel of Hunan Valin settled its March's purchasing price of silico-manganese alloy lower than market expectations, at 7,780 yuan/mt.