In Europe, the market has stemmed losses after a sharp fall the week before, but prices are seen as fragile in the near term because some consumers are offering below currently annual low spot prices for prompt and longer-term deliveries.
Meanwhile, the US market followed the European market downward, with sellers offering more aggressively on limited spot demand.
China market up 7% on supply tightness, expected demand
Europe stabilizes but seen as weak
US prices tumble under pressure from weak global markets
China market jumps on firmer fundamentals
In China, domestic ferro-silicon prices jumped by around 7% week on week this past week after producers stopped offering cargoes into an already tightly supplied spot market.
That supply situation is expected to meet the imminent settlement of monthly consumer tenders, cementing price increases despite steel production cuts in China’s Tangshan region.
Fastmarkets assessed the Chinese domestic spot ferro-silicon (basis 75% silicon) price at 6,400-6,450...