China market drops on low demand
More Chinese losses expected in the near term
Europe steady, awaits pick-up in trading
US market yet to restart after holiday.
Domestic Chinese ferro-silicon prices have fallen for a second consecutive week on lackluster demand amid slow trading activity, market participants said on Monday January 7. Market sentiment in ferro-silicon in China has started to turn pessimistic for the near term.
Fastmarkets’ Chinese ferro-silicon ex-works price, basis 75% Si, fell by a further 200 yuan per tonne to 6,600-6,800 ($961-990) yuan per tonne on January 4. The price had fallen by 200 yuan per tonne in the preceding week.
“There are some smaller producers that are anxious to sell stock now because they foresee prices falling in the near future,” a major producer said.
Ferro-silicon is used in the production of steel rebar. Declining steel rebar prices in December caused a fall in demand from steel mills...