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Steel First sister publication Metal Bulletin’s delivered quotation for ferro-titanium slipped to $6.95-7.10 per kg, losing 10 cents at either end on Wednesday.
“It’s drifting down again. We’re not too keen to put business on,” a producer said.
“It’s definitely made a retreat – there’s been a lack of sales, even though we did quite well last week,” he added.
The market has been dismal in recent days, a trader added, and prices could soon drift back to levels last seen in early November last year.
“[It’s heading for] $6.70-6.80 per kg. It looks pretty depressing,” he said.
Prices have not declined in the same way since the middle of the fourth quarter of 2012, when demand all but dried up.
“It’s definitely off. I’m hearing metal in warehouse is being put down in price,” a second producer said.
Unprocessed titanium scrap turnings with less than 0.5% tin content also fell, to $1.55-1.65 per lb, losing 5 cents on either end, and turnings with between 0.5% and 2% tin fell to $1.45-1.50 per lb.
Prices are now approaching a level where sellers will be unwilling or unable to accept business, the first producer said.
“We’ve bought [at lower] levels, but people are backing off now because it’s getting too low,” he said.
Ferro-titanium prices slid further on Wednesday March 20, as market participants reported a continuing lack of demand in Europe.