China price falls to annual low
Market at level last seen in April 2018
Europe's first second-quarter tender seen below spot prices
US spot demand remains limited
In the Chinese ferro-silicon domestic market, prices have fallen again on weak demand and plentiful stock levels at refineries. Domestic producers have been cutting their offer prices against lower bids from buyers, and ferro-silicon plants in Ningxia were reported to have shut their operations due to incurred losses.
“Despite lower ferro-silicon production in Inner Mongolia due to some plant closures, prices keep falling,” a Chinese ferro-silicon producer producer said. “Ample supply has weighed on the domestic price amid quiet business activity."
March tender prices were reported lower from domestic steel mills, and at smaller volumes than usual. As a result, Fastmarkets MB's Chinese ferro-silicon ex-works price, basis 75% Si, dropped by 100 yuan per tonne to 5,800-6,000 ($867-897) yuan per tonne on March 1.