Chinese ferrosilicon participants negative about the market
2023-03-10 08:34:32 [Print]
BEIJING (Asian Metal) 10 Mar 23 - In consideration of weak demand from the downstream, most participants held pessimistic attitudes towards the market and suppliers lowered their prices from yesterday. The mainstream prices of Chinese ferrosilicon 72%min 10-50mm decreased by RMB100/t (USD14/t) from yesterday to the current RMB7,700-7,900/t (USD1,106-1,134/t) EXW D/P. Insiders hold the view that the mainstream prices of Chinese ferrosilicon 72%min would edge down further in the coming week for sluggish demand.
A producer from Shaanxi disclosed, "We hold negative attitude about the market due to weak demand and we suffer large amount of inventory now. So we lowered our price to RMB7,600/t (USD1,191/t) EXW D/P today while they insisted on RMB7,700/t (USD1,106/t) yesterday". The producer would reduce the price further by RMB100/t (USD14/t) and decrease production tomorrow. They didn't close any deal today and last sold 200t at RMB7,600/t (USD1,191/t) early last week. The producer believes that the mainstream prices of Chinese ferrosilicon 72%min would drop in the following week due to weak demand from the downstream.
The producer, with an annual production capacity of 84,000t, plans to produce around 3,000t in March, down by 3,000t with last month for limited deals. They have the inventory of nearly 10,000t currently.
A consumer in Hunan, who scheduled to replenish stocks in mid of March, decided to postpone their purchase plan because they predict that the mainstream prices of ferrosilicon 72%min 10-50mm would decrease to the level below RMB8,000/t (USD1,149/t) delivered 180 days in the coming week. "The best price we received today stood at RMB8,150/t (USD1,170/t) Delivered D/A 180 days with the freight of around RMB300/t (USD43/t) while they insisted on RMB8,250/t (USD1,185/t) yesterday ", the consumer revealed. They didn't purchase today and last purchased 1,000t at RMB8,300/t (USD1,192/t) mid last month.
Based on the consumption capacity of 24,000tpy, the consumer expects to consume around 1,000t in March, down by 1,000t from the previous month for weak demand from the end market. They have approximately 2,000t in stock at the moment.
A producer from Shaanxi disclosed, "We hold negative attitude about the market due to weak demand and we suffer large amount of inventory now. So we lowered our price to RMB7,600/t (USD1,191/t) EXW D/P today while they insisted on RMB7,700/t (USD1,106/t) yesterday". The producer would reduce the price further by RMB100/t (USD14/t) and decrease production tomorrow. They didn't close any deal today and last sold 200t at RMB7,600/t (USD1,191/t) early last week. The producer believes that the mainstream prices of Chinese ferrosilicon 72%min would drop in the following week due to weak demand from the downstream.
The producer, with an annual production capacity of 84,000t, plans to produce around 3,000t in March, down by 3,000t with last month for limited deals. They have the inventory of nearly 10,000t currently.
A consumer in Hunan, who scheduled to replenish stocks in mid of March, decided to postpone their purchase plan because they predict that the mainstream prices of ferrosilicon 72%min 10-50mm would decrease to the level below RMB8,000/t (USD1,149/t) delivered 180 days in the coming week. "The best price we received today stood at RMB8,150/t (USD1,170/t) Delivered D/A 180 days with the freight of around RMB300/t (USD43/t) while they insisted on RMB8,250/t (USD1,185/t) yesterday ", the consumer revealed. They didn't purchase today and last purchased 1,000t at RMB8,300/t (USD1,192/t) mid last month.
Based on the consumption capacity of 24,000tpy, the consumer expects to consume around 1,000t in March, down by 1,000t from the previous month for weak demand from the end market. They have approximately 2,000t in stock at the moment.
