WEEKLY: China’s SiMn prices down, sentiment softening
Jul 06, 2020 18:00
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Chinese silicomanganese (SiMn) prices started declining once again over the past week as domestic market sentiment turned negative. As of July 3, the price of the 6517 grade SiMn in North China had slipped to Yuan 6,375/tonne ($904/t) EXW including the 13% VAT, losing Yuan 225/t on week, according to Mysteel’s database.
Behind the weakness in the
SiMn market was mainly the significant decrease in bidding prices from major
steel producers for July deliveries, which aggravated the pessimism of market
participants, Mysteel Global learned.
Mysteel’s survey showed
that the bidding price for July nominated by Hebei Iron and Steel Group, a
leading SiMn buyer in North China’s Hebei