Manganese flake traded at an 11-month low and antimony metal at a six-month low in the western market this week, as availability of material from China, particularly via smuggling routes, increased and the seasonal fall in demand persisted.
But an increase in Chinese export offer prices was also seen as the yuan appreciated against the US dollar and in ferro-alloys as supply dwindled after the recent restocking in the domestic market.
Ferro-silicon, silico-manganese, ferro-tungsten, ferro-vanadium and ferro-molybdenum prices rose across the board. Some market participants are starting to report higher prices for ammonium paratungstate (APT) and tungsten oxide that go into manufacturing tungsten carbide.
There was an increase in prices of ferro-titanium across the European and North American markets after two months’ of falls, as many producers are reducing output in July – August to stem excess supply and are busy fulfilling long-term contracts. This leaves them less desperate to compete at low numbers with off-grade material circulating in the market, and commit to smaller spot tonnages at higher prices or wait for the market to rise.
The APT and ferro-alloy markets, and ferro-titanium in particular, are tied with automotive steel. After restocking by steel mills last month, demand in Europe is set to be slower at the height of summer when plants traditionally carry out maintenance.
In June, the European market experienced only a modest increase in the car sales overall, largely because of lower sales in the UK, where passenger car registrations fell by 4.8pc in June and by 1.3pc over the first six months of the year, according to the automotive manufacturers association ACEA. Germany, Europe’s largest car market saw a 3.5pc drop in sales in June, …
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Source: Metal Pages
WEEK IN REVIEW: Ferro-alloys gain, minor metal fall
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