Global bulk steel alloys short-term outlook August 2023

In the past month, global bulk steel alloy markets have continued to face headwinds from weak global macroeconomic conditions. In western markets, this has been accentuated by the usual seasonal curtailments in the steel industry. In China, key end-use markets like real estate and manufacturing have underperformed as the country’s macroeconomic climate remains shrouded with uncertainty. Against this backdrop, ferrosilicon prices have edged down, while manganese alloy prices have remained depressed. However, in the ferrochrome market, cost support and restocking demand have provided some upside, with spot prices for high-carbon ferrochrome trending up. Looking ahead, China’s ongoing recovery will provide impetus for some underperforming bulk steel alloy markets to improve in the remainder of 2023.