Chinese market drops on supply, tender prices
- Chinese market buckles under weight of supply but support seen in upstream prices
- European support may only be temporary
- US market flat in quiet market
Chinese ferro-silicon prices dropped in the past week, pressured by ample stocks and lower tender prices in May from the month before due to domestic steel market weakness. But some dealers suggested the increase in upstream materials prices are be likely to limit price losses in ferro-silicon.
Fastmarkets assessed the Chinese domestic spot ferro-silicon (basis 75% silicon) price
at 5,900-6,300 yuan ($859-917) per tonne on Friday, compared with 6,000-6,300 yuan per tonne a week earlier.
In the past week some ferro-silicon producers in China have cut their selling prices in line with lower monthly tender prices for May from steel mills. Major producer Hebei Steel’s latest tender for May was at...