US basic alloy market prices rise

In January 2024, due to delays in the supply of foreign alloys due to difficulties in accessing the Panama Canal, U.S. manganese alloys and ferrosilicon showed an upward trend. But at the same time, spot market demand is still insufficient.

As of now, the quotation range of US silicomanganese (65% Mn; 17% Si) is US$0.58-0.6/lb DDP, with an average month-on-month increase of US$0.035/lb. The price range of high carbon ferromanganese (75%Mn) is US$1,200-1,250/ton DDP, with an average increase of US$90/ton.

Local U.S. traders said spot market activity picked up in January, but overall demand remained weak, with price increases mainly due to limited Panama Canal shipping due to falling levels. An industry insider said: "Currently, delays in the supply of new batches of alloys are supporting market prices, so many sellers are cautious in quoting prices."

In the field of ferrosilicon (75% Si), a similar situation occurred: due to the limited supply of materials on the market, the quotation rose to US$1.1-1.2/lb DDP (up US$0.125/lb). Trading is primarily done at the lower end of the range, while alloys are offered for immediate delivery at the upper end.

For more information on ferroalloy price trends and market conditions, please contact Hainan West Asia Group.