Market participants reported a plethora of activity over the past week, with domestic and foreign mills settling spot deals across a number of materials. In the US, silicomanganese numbers are up once again week-on-week to 52-54 cents per lb, ex warehouse, as a US consumer settled a deal over 200 tons. With furnaces idled at Felman Production and no clear understanding when work will resume, buyers have been given few choices for spot sales and immediate delivery outside of their contractual agreements. Most participants felt that, while there is evident upward pressure, due to current downstream production and slightly better demand outside of contract requirements, an upward rally would be longer lived.

 

Ferrosilicon in Europe remains firm with prices up from two weeks ago, but sideways week-on-week. There was recent speculation that production would be cut in Norway due to maintenance work on furnaces, and such a move could place further strain on the market during its most recent price rally.

 

In the US, where domestic ferrosilicon producers remain in the middle of an antidumping suit against Russian and Venezuelan suppliers, prices have held consistently at current highs of 98-100 cents per lb, ex warehouse. Some Chinese trading houses have begun to take advantage of the price premium, as have European suppliers. Despite optimism on behalf of sellers, that numbers will continue to rise in the near-term, any upward movement is expected to be gradual, and consumers will keep a close watch on imports as more and more suppliers will vie for a piece of the upward market. The refined manganese alloy markets are still quite lackluster, particularly in the US where spot deals have remained limited. One seller noted a sizeable sale in the middle of the current range at $990-1,010 per lt, ex warehouse, but any additional inquiries have dropped below the radar. Few participants expect any changes in the near- term.