The European manganese alloys markets rose even higher over the week ended Friday May 21, hitting price ranges last seen in late 2008, on a bout of short-covering from traders looking to restock ahead of an expected renewal of consumer demand early next month, trade sources have told Fastmarkets.
Market prices for silico-manganese delivered on a spot basis went as high as ?,?1,450 ($1,766) per tonne, a level last reached in October 2008, while high-carbon ferro-manganese spot prices hit a similar high mark for the first time since December 2008, when the price range was ?,?1,100-1,500 per tonne."Replacement material from outside Europe is costly and difficult [to acquire], given the reduced international production, high sea-freight rates and a shortage of containers," he added. "Moreover,...