Chinese ferrosilicon 72%min prices stable
2023-03-15 08:30:53 [Print]
BEIJING (Asian Metal) 15 Mar 23 - Though the demand still remains weak, most producers hold their prices unchanged supported by high production costs. Producers in Ningxia successively started to cut or suspend production since late last week rather than lower prices. Currently, the mainstream prices of Chinese ferrosilicon 72%min stay unchanged at RMB7,600-7,800/t (USD1,104-1,133/t) EXW D/P from yesterday. Insiders hold the view that the mainstream prices of Chinese ferrosilicon 72%min would slip within this week due to sluggish demand from the downstream.
A producer from Qinghai disclosed, "Our current price of ferrosilicon 72%min 10-50mm stands at RMB7,800/t (USD1,133/t) EXW D/P and we insisted on this price from yesterday". They didn't close any deal today and last sold 500t at RMB7,800/t (USD1,133/t) two weeks ago. The producer further revealed that they only received two inquiries in the past two weeks while they received five to six inquiries a day before late February. They believe that the mainstream prices of Chinese ferrosilicon 72%min would edge down by the end of this week dragged by fewer inquiries.
The producer, with an annual production capacity of 74,000t, plans to produce about 4,500t with two out of four 18,500kVA furnaces under operation in March, in line with last month. They have nearly 3,000t in stock currently.
Another producer in Ningxia mentioned that they would like to sell ferrosilicon 72%min 10-50mm at RMB7,700/t (USD1,119/t) without any counteroffer today. "We didn't close any deal today and sod 200t at RMB7,700/t (USD1,119/t) yesterday when we wouldn't consider any lower price", the producer revealed, adding that some producers in Ningxia shut down furnaces rather than lower prices and they would consider cut production as well . They predict that the mainstream prices of Chinese ferrosilicon 72%min would move down within this week due to sluggish demand.
Based on the production capacity of 81,000tpy, the producer expects to produce around 2,000t in March, down by 1,000t from the previous month for sluggish demand. They don't have any inventory at the moment.
A producer from Qinghai disclosed, "Our current price of ferrosilicon 72%min 10-50mm stands at RMB7,800/t (USD1,133/t) EXW D/P and we insisted on this price from yesterday". They didn't close any deal today and last sold 500t at RMB7,800/t (USD1,133/t) two weeks ago. The producer further revealed that they only received two inquiries in the past two weeks while they received five to six inquiries a day before late February. They believe that the mainstream prices of Chinese ferrosilicon 72%min would edge down by the end of this week dragged by fewer inquiries.
The producer, with an annual production capacity of 74,000t, plans to produce about 4,500t with two out of four 18,500kVA furnaces under operation in March, in line with last month. They have nearly 3,000t in stock currently.
Another producer in Ningxia mentioned that they would like to sell ferrosilicon 72%min 10-50mm at RMB7,700/t (USD1,119/t) without any counteroffer today. "We didn't close any deal today and sod 200t at RMB7,700/t (USD1,119/t) yesterday when we wouldn't consider any lower price", the producer revealed, adding that some producers in Ningxia shut down furnaces rather than lower prices and they would consider cut production as well . They predict that the mainstream prices of Chinese ferrosilicon 72%min would move down within this week due to sluggish demand.
Based on the production capacity of 81,000tpy, the producer expects to produce around 2,000t in March, down by 1,000t from the previous month for sluggish demand. They don't have any inventory at the moment.
