SHANGHAI, Apr 24 (SMM) – A pessimistic outlook on purchasing prices of silicon-manganese alloy in the upcoming May tenders by steelmakers lowered spot prices of the material on Wednesday April 24.
SMM assessed prices of #6517 silicon-manganese alloy in Guangxi at 7,550-7,650 yuan/mt on acceptance on April 24, down 50 yuan/mt from Tuesday April 23.
In the tenders for May, major steel mills are likely to set purchasing prices at 7,680-7,730 yuan/mt, on acceptance with transportation fees included, a source told SMM. Purchasing prices by China's biggest steelmaker Hebei Iron and Steel Group (HBIS Group) stood at 7,850 yuan/mt in its April tender.
SMM learned that lower prices of alloy reduced prices of manganese ore, with ore prices at Tianjin port posting the greatest decline of 0.5 yuan/mtu, to stand at 56 yuan/mtu as of Wednesday April 24.
Traders reported high inventories of manganese ore across port warehouses in the south and north as of April 24.