Chinese steel tenders signal shift in demand
Other consumer markets also dropped
European market moves sideways, eyes March business
US steady on reduced imports
Chinese domestic ferro-silicon prices have dipped from week-ago levels, with demand for bulk alloys relatively slow despite most dealers returning to work after the Chinese New Year holidays.
Metal Bulletin assessed Chinese domestic spot ferro-silicon (basis 75% silicon) prices at 7,350-8,350 yuan ($1,158-1,316) per tonne on Friday March 2, dropping 0.6% week on week.
The latest tender from major producer Hebei Steel for March was at 7,200 yuan per tonne on a delivered basis, about 300 yuan per tonne lower than for deliveries in February.
Bearish market sentiment on lower steel mill tender prices was cemented by falling downstream market prices. The magnesium market, a key consumer of ferro-silicon, dropped about 100-200 yuan per tonne in the past week. Metal Bulletin assessed...