Commodity Market Report

Bulk steel alloys short-term outlook November 2022

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Despite ongoing challenges in the global macroeconomic climate, there have been some signs of respite in the overhanging gloom. In western markets, energy prices have softened from Q3 highs and in China there are indications that the government intends to ease partially on its "zero-Covid" approach to managing the pandemic. Though these factors will contribute to improving sentiment in downstream end-use sectors, we expect this to provide little to no upside in prices across bulk alloy markets in the immediate term. Only modest upside is expected in those markets where recent production curtailments have shaved the over-supply.

Table of contents

  • Chromium
  • Manganese
    • Ferrosilicon
    • Silicon metal
    • Uncertainty again weighs on ore prices
    • Turkish premium and UG2 discount
    • No further downside in ferrochrome prices following recent declines
    • Ore price upside expected as forecast remains largely unchanged
    • Manganese alloy price set to rebound as markets gradually rebalance from oversupply
    • Manganese metal output remains exceptionally low
    • Ferrosilicon
    • Silicon metal
  • Crude steel trends
  • Stainless steel trends
    • Slight upward adjustment in 2023 and 2024 on account of China stainless steel
  • Manganese
    • Ferrosilicon
    • Silicon metal
    • No major changes in short-term chromium ore supply outlook
    • No major changes in short-term high-carbon ferrochrome supply outlook
    • Ore supply outlook adjusted downwards on lower demand
    • Alloy production cuts bite in H2 2022
    • Ferrosilicon
    • Silicon metal

Tables and charts

This report includes 30 images and tables including:

  • Key chromium forecasts
  • Key manganese forecasts
  • Crude steel production (Mt)
  • Crude stainless steel production (Mt)
  • Manganese alloy and metal consumption outlook
  • Key silicon forecasts
  • Quarterly chromium ore prices and forecasts
  • Quarterly high-carbon ferrochrome prices and forecasts
  • Quarterly manganese ore price forecast
  • Quarterly silicomanganese price forecast
  • Quarterly high-carbon ferromanganese price forecast
  • Quarterly MC FeMn and manganese metal price forecast
  • Ferrosilicon monthly prices
  • Global ferrosilicon price forecast
  • Silicon metal monthly prices
  • Global silicon metal price forecast
  • Quarterly chromium consumption by first use
  • Quarterly chromium consumption in stainless steel by region
  • Quarterly ferrosilicon consumption by first use
  • Quarterly ferrosilicon consumption by region
  • Quarterly silicon metal consumption by first use
  • Quarterly silicon metal consumption by region
  • Quarterly chromium ore supply by region
  • Quarterly ferrochrome supply by region
  • Quarterly manganese ore supply by region
  • Quarterly silicomanganese supply by region
  • Quarterly high-carbon ferromanganese supply by region
  • Quarterly medium carbon ferromanganese supply by region
  • Global ferrosilicon production
  • Global silicon metal production

What's included

This report contains:

  • Document

    Bulk steel alloys short-term outlook November 2022

    PDF 1.38 MB