June 2009 | Ferro-alloys
China slide meets resistance: Ferro-silicon highlights
Steelmakers have slashed production and ferro-silicon suppliers have been responding, competing with ever cheaper offers in recent weeks.
Ferro-silicon consumption in the Chinese domestic market has been relatively stable, although buying activity has been subdued. Chinese export demand has been persistently weak as foreign consumers and traders have been drawing down their stocks against depressed steel production. Chinese suppliers have also been competing against cheaper Russian export offers, resulting in lower Chinese ferro-silicon prices.
Indeed, many other foreign bidders have offered to buy at only $1,100/tonne cif, which is equivalent to $1,050/tonne fob, making it difficult for Chinese producers to compete. We believe the virtual lack of Chinese export deals will persist in the short term, with export volumes set to fall further in the coming weeks.
Chinese export prices flat...Chinese ferro-silicon export prices have been flat in May, hemmed between reluctant producer offers and consumer...
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