SiMn Transactions in Both Futures and Spot Markets were Relatively Weak

SHANGHAI, Mar 22 (SMM) - In the spot market, SiMn alloy prices traded around 7,300-7,400 yuan/mt (cash, ex-factory) in February. In terms of costs, the increasing electricity prices in Ningxia and high manganese ore prices still provided support for SiMn prices. On the supply side, enterprises in south China that stopped the production before the Chinese New Year holiday have resumed production, hence the overall output increased slightly. On the demand side, in light of the weak demand from downstream steel mills, the overall spot market transactions in February were weak.

On the whole, transactions in both futures and spot markets were relatively weak, and the SiMn prices hovered sideways.