A combination of firm fundamentals, an acute container shortage, record high freight rates, and production and transportation issues were all set to boost the metals markets at least through December and well into next year, Fastmarkets heard on Tuesday August 31.
The spot price for ferro-silicon, lumpy, basis 75% Si (scale pro rata), delivered Europe
, was €1,900-2,000 ($2,242-2,360) per tonne on August 27, a record high since Fastmarkets’ initial assessment of this price in January 1997.
Suppliers increased their offer prices amid new tenders issued by steel mills, with one tender of more than 2,000 tonnes for delivery in the fourth quarter agreed at €1,900 per tonne, trade sources said.
Steel mills that come to the market in September for ferro-silicon to be delivered in October will probably need to pay more than €1,900 per tonne due to European production being allocated mostly for...