China builds on price gains while steel mills buy for 2019 smelting schedules
European market drops, awaits first-quarter settlements
US market under pressure amid sluggish spot demand, weaker overseas prices
China suppliers quick to increase offer prices
Domestic Chinese ferro-silicon cargoes were actively traded last week while steel mills sought to buy cargoes for December production.
Fastmarkets MB Chinese ferro-silicon ex-works price, basis 75% Si, was assessed at 7,000-7,200 ($1,006-1,035) yuan per tonne on Friday November 30, increasing for a second consecutive week and by 200 yuan per tonne from the last assessment.
Low inventories at ferro-silicon refineries for the 75% silicon grade was the key reason for the price increase, sources said. Moreover, another factor behind the price hike was firm demand from steel mills looking to replenish their stocks for December and January before the potentially harsh winter conditions that can affect the transport of cargoes.
“Steel mills typically don’t buy a...