Fastmarkets’ weekly price assessment of silico-manganese 65% Mn min, max 17% Si, in-whs China was 8,300-8,500 yuan ($966-989) per tonne on Friday November 19, after dropping 31.4% over five weeks from 12,000-12,500 yuan per tonne on October 15.
“Producers are making a loss under the current spot prices - except in Ningxia,” a trader told Fastmarkets.
Since October, electricity prices in Inner Mongolia and Guangxi have increased, which has pushed up production costs.
Electricity prices at Ningxia have remained unchanged, sources told Fastmarkets.
As a result, Ulanqab Ferro-alloys Association - consisting of a number of producers in Inner Mongolia - warned of possible production cuts in a notice on Thursday November 18.
Producers have faced narrow profit margins and declining demand since Hebei province tightened steelmaking restrictions in mid-November.
Some producers in the south were also mulling production cuts should prices fall further, participants told Fastmarkets.
However,...
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