NEW YORK Spot ferroalloy prices have remained unchanged
amid a continuing dearth of purchasing activity, with traders
saying that it will probably be another month before
third-quarter inquiries begin.
High-carbon ferrochrome was steady this past week in a range of
99 cents to $1.02 per pound, while ferrosilicon was also
unchanged in a range of 91 to 93 cents per pound. Ferrovanadium
continues to trade in a range of $13 to $14 per pound.
The ferromanganese market is waiting on the outcome of a
request for quote from Charter Steel for 200 tonnes of
medium-carbon material delivered to the companys
Cleveland plant. A source with the company said a decision
would probably be made May 10.
Traders told AMM that spot market activity is unlikely
to pick up until June. The next four weeks should be
fairly anemic, one trader said.
Its a bit early for the third quarter to be talked
about, a second trader added. Everyones going
to wait and see how order books shape up before they look to
(fill) their requirements.
The same trader reiterated the widespread belief that spot
trading is slight because long-term contracts are covering most
consumers production requirements.
I dont think its a question of market
weakness. I think its simply a fact that when people went
out for the second quarter, they booked the right quantities
based on their requirements, he said.
Steel production has been flat since the beginning of the
year and hasnt moved beyond that, so I dont think
well see any pickup until that changes, he added.
But there are guys out there that buy on fixed quantities
rather than a fixed time period, so when they run out, it could
be in the middle of the quarter.