Global bulk steel alloys short-term outlook February 2023 Report

Commodity Market Report 09 March 2023

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Report summary

Despite strong indications of improved confidence in end-use markets, both in China and Europe, overhanging uncertainty remains in place and has outweighed upside influences to alloy prices recently. As these markets rebalance, we forecast prices to realign with their cost fundamentals. While silicon prices still have some way to fall, a rebound is expected in those market where prices overshot on the downside. For manganese alloys and ferrochrome, higher ore prices and narrowing oversupply will be enough to inspire upside.

Chromium
Manganese
Silicon
- Ferrosilicon
- Silicon metal
Chromium
- Ore prices overshoot on the upside as sentiment brightens
- Turkish premium and UG2 discount
- Ferrochrome price forecast adjusted upwards on higher costs and brighter sentiment
Manganese
- Ore prices expected to trend down after overshooting on the upside
- Cost support and demand uptick expected to boost manganese alloy prices
- Manganese metal production jumps significantly in early 2023
Silicon
- Ferrosilicon
- Silicon metal
Crude steel trends
Stainless steel trends
Chromium
- Growth of chromium consumption unchanged at 9% p.y. through to 2024
Manganese
- Manganese demand outlook trimmed marginally, but narrative unchanged
Silicon
- Ferrosilicon
- Silicon metal
Chromium
- Short-term supply chromium ore supply outlook unchanged
- Short-term supply ferrochrome supply outlook unchanged
2 more item(s)...