Chinese domestic and export prices drop
European market falls to two-year low
Top end of US price ticks up
Domestic Chinese ferro-silicon prices fell 2.4% in the week ended Friday February 1 due to continued weak demand.
“We are not selling until after the Chinese New Year,” a trader said.
Most Chinese market participants are now away for the national Lunar New Year holiday on February 4-10, while many completed stockpiling for the week-long holiday in recent weeks.
Fastmarkets MB assessed Chinese ferro-silicon ex-works price, basis 75% Si at 6,100-6,300 yuan ($904-934) on Friday, down from 6,300-6,400 yuan per tonne the week before.
In response to softening prices, some smaller producers have shut down their operations or were reported to be doing plant maintenance for an unspecified length of time. This is likely to support a recovery in prices after buyers return from the holiday, a producer source said.