The market will be vulnerable to further losses if there is no upturn in demand in the near term.
- Chinese demand lags behind supply…
- ...and domestic prices fall more than 10%
- Europe price range widens amid uncertainty
- US market eases, wary of renewed import levels
Slow demand has pressured Chinese domestic ferro-silicon prices lower, prompting alloy producers to cut their offer prices to encourage buying interest.
Metal Bulletin assessed the Chinese domestic spot ferro-silicon (basis 75% silicon) price
at 6,800-7,300 ($1,074-$1,153) yuan per tonne, down from 7,350-8,350 yuan per tonne on Friday March 9.
Bearish market sentiment has deepened because of weaker spot prices for magnesium, a major consuming sector of ferro-silicon.
Magnesium prices basis 75% Si are down about 100-200 yuan per tonne in the past week. Metal Bulletin assessed the magnesium Chinese free market, 99% min mg, ex-works price at 14,400-14,600...