WEEKLY: China SiMn prices dip, sentiment softening
Sep 28, 2020 17:30
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Chinese silicomanganese (SiMn) prices continued to soften over the past week, undermined by the negative sentiment in the domestic market. As of September 25, the price of 6517 grade SiMn in North China had decreased to Yuan 6,025/tonne ($883/t) EXW and including the 13% VAT, losing another Yuan 50/t on week, according to Mysteel’s data.
The domestic SiMn market faced more pressure
from the higher output of this ferroalloy and the delayed demand from steelmakers.
“Most steel mills have not returned to the market to start
theirpurchasing forOctober,” a market source in Shanghai commented,
adding that the pressure may strengthen further if major mills hold off
submitting bids for October