Global bulk steel alloys short-term outlook July 2024

The past month has seen chromium ore prices finally go into reverse. Lower grade manganese ore prices have also fallen sharply, though high-grade manganese ore prices remain strongly elevated. Falling ore prices have caused a commensurate softening of alloy prices, both for ferrochrome and manganese alloys. This was expected for manganese alloys, but for ferrochrome, prices were already exceptionally low relative to costs. The resulting unprofitability is finally starting to squeeze Chinese ferrochrome output levels. In the silicon metal market, Chinese output continues to substantially outperform expectations, leading to growing oversupply and weak Chinese prices. The ferrosilicon market has been more stable by comparison. Read our report to learn more about these developments, our forecast, and the latest movements in the market.