Fastmarkets assessed the price of silico-manganese, 65% Mn min, max 17% Si, in-warehouse China at 6,400-6,600 yuan ($904-933) per tonne on Friday, down from 6,600-6,800 yuan per tonne a week earlier.
The alloy price has fallen by 6.8% since the release of the October tender price from Hebei Steel
late in September.
Mounting stocks at plants and the resultant selling pressure forced some Chinese alloy smelters to reduce their offer prices in a bid to attract buyers, market sources said.
Some domestic alloy plants have accumulated stocks since the week-long National Day holiday (October 1-7) when they maintained normal production but failed to offload any stocks, according to market sources,