TAPPED IN: No, that wasn't the floor for ores and alloys prices

Ores and alloys prices have suffered another fortnight of heavy losses, even as some were daring to suggest floors had finally been hit.

The European quarterly ferro-chrome benchmark fell 4 cents to $1.04 per lb, its lowest settlement since 2010. It is the first time all year that the benchmark price has moved at all; not a good omen for fourth-quarter conditions.
And it follows gradual weakening in global spot charge and high carbon ferro-chrome prices in recent months.
Metal Bulletin’s high grade manganese ore index crashed through $3.00 per dmtu on September 18 and now stands at $2.78 per dmtu.
The nobles were also at it. 
Molybdic oxide was trading at $5.35-5.50 per lb on Wednesday, down from $5.55-5.85 per lb.

One trader was so keen to discourage “fire sales” of molybdenum products that he insisted he would defy the cheapest offers...


Janie Davies

October 01, 2015

17:30 GMT