WEEKLY: China's SiMn prices drop to 7-month low, output falls further

China's silicomanganese (SiMn) prices lost ground during the week of July 20-24, with the national price of 6517 SiMn under Mysteel's assessment sitting at Yuan 5,567/tonne ($822/t) including the 13% VAT on July 24, sliding by Yuan 148/t on week and marking the lowest since December 22 last year. The plunge also contrasted with the Yuan 16/t pick-up the week before.

SiMn prices in the derivative market declined too, underscoring the negative sentiment prevailing in the domestic market. On July 24, the most-traded SiMn contract on the Zhengzhou Futures Exchange for delivery in September closed the daytime trading session at Yuan 5,674/t, lower by Yuan 170/t from the settlement price