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 per tonne on March 9, a drop of about 500-600...