January 2012 | Ferro-alloys
Europe stems losses: Ferro-silicon Highlights
US prices hit a floor as steel demand improves and distressed import cargoes recede.
The European ferro-silicon spot market price has held at levels seen shortly before Christmas, despite weaker underlying consumption in the steel sector. Market sentiment remains cool on market prospects in the current quarter, but warmer from April.
European spot prices are at €1,120-1,140/tonne ($1,425-1,450/tonne) delivered, down from €1,150-1,180/tonne in mid-December. Some first-quarter contract settlements have been completed at around €1,140/tonne delivered. Fourth-quarter contracts were settled at around €1,200/tonne, down from €1,300-1,310/tonne in the third quarter.
Although the European market produces some 400,000 tonnes of ferro-silicon annually, while consuming around 600,000 tpy, the traditional need to import 50,000 tonnes per quarter has fallen in line with demand in recent months....
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