SHANGHAI, Jun 26 (SMM) – Quotations of silicon-manganese alloy extended their increases on Wednesday June 26 as market sentiment remained upbeat. Traders continued to bet on higher prices of silicon-manganese alloy amid greater inquires.
As of June 26, some producers hiked offers to 7,600 yuan/mt, ex-work in cash, compared with 7,575 yuan/mt on acceptance a week ago.
Market participants expected firm downstream demand in the short term despite the new production curbs in Tangshan, which are unlikely to cause a significant decline in consumption of silicon-manganese alloy, a raw material in steelmaking.
Prices of manganese ore also expanded, driven by expectations of higher purchasing prices of silicon-manganese alloy in the upcoming July tenders by steel mills.
SMM learned that Nanjing Iron & Steel on June 25 settled its purchasing price of silicon-manganese alloy for July at 7,900 yuan/mt, with a volume of 13,000 mt.