[Ferro-alloys.com] Market participants across the US and Europe were bullish on several bulk ferroalloys, with prices moving higher for a number of materials. In the US, prices for silicomanganese consolidated at 53-54cents per lb, ex-warehouse Pittsburgh or Chicago. Market players noted several spot deals closing over the past week for 500+ tons. Meanwhile, there are some open RFQ's that may surpass the current range, but as of Friday, those deals had not been confirmed as closed. Market participants still noted a general tightness of supply. In Europe, prices for silicomanganese were also higher as final deals were closing at € 785-795 per mt, ex-warehouse, up steadily since early December. Some ddp transactions were noted as high as € 810-815 per mt. There is not much activity expected through the first week of January.

 

High-carbon ferromanganese in Europe is up to € 730-740 per mt, ex-warehouse Rotterdam as mills moved into the spot market for January delivery. Meanwhile, there is still contention among buyers and suppliers over the pushback on discounts. As a result, many consumers are expected to diversify their mix of fixed-priced and spot deals moving into the first quarter of 2014. In the US, medium-carbon ferromanganese is up 1cents per lb to 87-88cents per lb, ex-warehouse.

 

While there is little agreement on the direction of ferrosilicon prices across the US, the growing gap in reported prices further adds to the lack of clarity in the market. Meanwhile, there are a couple of domestic mills currently closing on some spot requirements, sources said. Otherwise, prices are holding level.

 

In the past week, Chinese officials reported that they will not eliminate the 25% export duty on ferrosilicon. Furthermore, this has added lift to Asian material as several traders and agents were hoping for a drop in export prices, only to be caught up in a flurry of sales negotiations in order to meet obligations. In Europe, prices are firm at € 1,040-1,070 per mt, ex-warehouse, while some contend that ddp prices have reached the mid-€ 1,100 level as of last week.