In September, the European ferroalloys market traditionally hosted a campaign of signing contracts for the delivery of products in the next quarter. Contrary to expectations, this did not provoke any significant increase in demand from buyers. In any case, the price growth on the spot market, which sellers were counting on, was more than modest at the end of the month.
In the segment of bulk alloys, it is explained by significant stockpiles. And only the rising cost of imported products by the end of the month helped sellers to implement the growth of quotations.
High price volatility prevailed in the market of noble ferroalloys, but on average, in most segments, except for ferrotitanium, prices declined month-on-month.
Meanwhile, the global steel output in August has continued its upward trajectory compared to the previous year, marking a substantial 2.2% YoY increase and reaching a total 152.6 million tonnes. However, it also represents a 3.7% decline compared to the previous month, according to the World Steel Association (World Steel). The global steel output for the January-August period of the current year has experienced a slight increase of 0.2% YoY, totalling to 1.26 billion tonnes.
Manganese and Silicon
|
Last month’s bulk alloys prices |
|||
|
Sep-23 |
MoM |
YoY |
|
|
FeSi 75% Si, 1.5% Al (€/mt) |
1306 |
-4% |
-36% |
|
HC FeMn 75% Mn, 8% C (€/mt) |
975 |
14% |
-19% |
|
SiMn 65% Mn, 17% Si (€/mt) |
994 |
16% |
-11% |
|
Mn Metal Flakes 99.7% Mn (€/mt) |
1868 |
15% |
-28% |
|
All prices are FCA major European port and pre-payment |
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- Despite the persistence of a number of large buyers, and the yielding of many sellers, ferrosilicon prices managed to hold near the psychological barrier of €1,300/tonne DDP
- Sellers of manganese alloys managed to increase quotations only by the end of the month amid expensive imports
- There are mixed trends in the global manganese ore market, but prices are unlikely to decline
- Zestafoni Ferroalloys Plant (Georgia) has stopped the operation of seven out of twelve furnaces installed at the plant. Thus, the plant has put out of operation up to 75% of its silicomanganese production capacity.
Noble and Chromium alloys
|
Last month’s noble alloys and nickel prices |
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|
Sep-23 |
MoM |
YoY |
|
|
HC FeCr 65% Cr, 8% C (USD/lb) |
1,23 |
-10% |
-34% |
|
LC FeCr 65% Cr, 0.15% C (USD/lb) |
2,48 |
3% |
-16% |
|
FeMo 65% Mo (USD/kg) |
55,32 |
-2% |
30% |
|
FeV 75% V (USD/kg) |
29,82 |
-6% |
-6% |
|
FeW 75% W (USD/kg) |
36,52 |
0% |
-1% |
|
FeTi 65% Ti (USD/kg) |
5,91 |
10% |
-24% |
|
Ni Briquettes Premium (USD/mt) |
392 |
12% |
-42% |
|
All prices are FCA major European port and pre-payment |
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- European FeCr benchmark price rises by 1.3% for Q4, signalling a cautious optimism prevailing within the ferrochrome industry
- Despite the recent rush in the global chrome ore market, the situation in the stainless steel industry in China is preventing local ferrochrome suppliers from implementing price increases
- Slow trading in Asia drove down FeMo prices in Europe in September. By the end of the month, the prices went down significantly
- The lingering weak demand, coupled with prevailing uncertainty about the future, has exerted sustained pressure on ferrovanadium (FeV) prices in the European market
- The US Department of Commerce imposed sanctions against Russian titanium giant VSMPO-AVISMA. While these sanctions presently pertain solely to the US market, European traders remain vigilant regarding the evolving situation
- From October 1, the Russian government introduced duties on exports of a wide range of goods, including pig iron, steel products, and ferroalloys. The export duty rate will depend on the ruble exchange rate against the US dollar.
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