Chinese ferrosilicon 72%min prices to weaken
2023-04-12 08:29:25 [Print]
BEIJING (Asian Metal) 12 Apr 23 - Given weak demand from the downstream but high raw material prices, the current mainstream prices of Chinese ferrosilicon 72%min 10-50mm stand flat temporarily at RMB7,500-7,700/t (USD1,089-1,118/t) EXW D/P from yesterday. Insiders believe that the mainstream prices of Chinese ferrosilicon 72%min would move down by the end of this week due to weak demand from the downstream.
A producer from Qinghai mentioned that they targeted to sell ferrosilicon 72%min 10-50mm at prices no less than RMB7,500/t (USD1,089/t) EXW D/P from yesterday. "We didn't close any deal in the past two weeks and last sold around 100t at RMB7,600/t (USD1,104/t) two weeks ago", noted the producer, adding that they closed two to three deals weekly in the first three weeks of March. They hold the view that the mainstream prices of Chinese ferrosilicon 72%min would weaken within this week for limited deals.
The producer, with an annual production capacity of 16,500t, plans to produce about 1,000t in April with one 16,500kVA furnace under operation, in line with last month. They don't have stock currently.
A trader in Hubei disclosed, "We purchased 60t of ferrosilicon 72%min 10-50mm at RMB7,500/t (USD1,089/t) EXW D/P today and failed to ask for lower price. Most suppliers insisted on RMB7,500/t (USD1,089/t) from yesterday". They last purchased 100t at RMB7,800/t (USD1,133/t) three weeks ago. The trader believes the mainstream prices of Chinese ferrosilicon 72%min would soften by the end of this week dragged by weak demand from the downstream.
Based on the regular monthly trading volume of 200t, the trader expects to sell around 100t in April, down by 100t from the previous month for sluggish demand. They hold the inventory of nearly 100t in at the moment.
A producer from Qinghai mentioned that they targeted to sell ferrosilicon 72%min 10-50mm at prices no less than RMB7,500/t (USD1,089/t) EXW D/P from yesterday. "We didn't close any deal in the past two weeks and last sold around 100t at RMB7,600/t (USD1,104/t) two weeks ago", noted the producer, adding that they closed two to three deals weekly in the first three weeks of March. They hold the view that the mainstream prices of Chinese ferrosilicon 72%min would weaken within this week for limited deals.
The producer, with an annual production capacity of 16,500t, plans to produce about 1,000t in April with one 16,500kVA furnace under operation, in line with last month. They don't have stock currently.
A trader in Hubei disclosed, "We purchased 60t of ferrosilicon 72%min 10-50mm at RMB7,500/t (USD1,089/t) EXW D/P today and failed to ask for lower price. Most suppliers insisted on RMB7,500/t (USD1,089/t) from yesterday". They last purchased 100t at RMB7,800/t (USD1,133/t) three weeks ago. The trader believes the mainstream prices of Chinese ferrosilicon 72%min would soften by the end of this week dragged by weak demand from the downstream.
Based on the regular monthly trading volume of 200t, the trader expects to sell around 100t in April, down by 100t from the previous month for sluggish demand. They hold the inventory of nearly 100t in at the moment.
