SHANGHAI, Mar 14 (SMM) – Spot prices of silico-manganese alloy held steady on Thursday March 14, after sellers firmed up offers in previous trades this week on news that the Luoping government of Ningxia will shut outdated submerged-arc furnaces. However, trades were limited in the north.
Some medium-sized and small steel plants set their purchasing prices of silico-manganese alloy at around 8,000 yuan/mt, on acceptance with transportation costs, in line with market expectations of higher prices.
SMM learned that some silico-manganese alloy plants in Huinong district of Ningxia also faced capacity suspension, though local mills have not received official notice.
On Monday March 11, the Luoping government ordered the removal of 34 ferroalloy submerged-arc furnaces with capacity below 20,000KVA. The closure is expected before March 20.
On Thursday March 14, #6517 silico-manganese alloy in Inner Mongolia was mostly offered at 7,750 yuan/mt ex-works on acceptance, little changed from March 13, but up some 100 yuan/mt from the end of February.