New spot deals and offers have dragged alloy prices down to levels last seen about six months ago, and further weakness was expected when steelmakers shut down furnaces in July and August.
European markets have been weighed down by persistently weak demand and falling ore prices since the onset of the Covid-19 pandemic and its effects on the world economy.
While only about 50 tonnes of manganese alloys were reported traded in the past week, suppliers said that they were hearing offers within the new lower price ranges.
The price for silico-manganese, lumpy, 65-75% Mn, basis 15-19% Si (scale pro rata), major European destinations, was last assessed at €870-910 ($976-1,021) per tonne on June 26, down by 7.3% from €940-980 per tonne the week before. The market was at an annual peak of €1,010-1,060 per tonne in mid-May and was last at its current level at the start of January....