Chinese ferro silicon prices edge down by $22/t w-o-w

CBC: Chinese ferro silicon prices dipped this week on declined demand and subdued raw material market.

Grade 75% silicon: Prices inched down w-o-w by RMB 130/t ($18/t) to settle within a range of RMB 6,920-7,020/t ($958-$972/t) ex-works, including tax.

Grade 72% silicon: Prices dropped for this grade by RMB 190/t ($26/t) and stood at RMB 6,360-6,560/t ($881-$908/t) ex-works, including tax.

Dull raw material market: Ferro silicon prices dipped this week as energy-saving and carbon-reduction measures cooled market sentiment and the overall poor performance of the raw materials has shaken confidence among ferro silicon bulls, leading to a bearish trading atmosphere.

Need based purchases: Some traders purchased at low prices, inventory consumption remained slow, and cost-side support has weakened. Consequently, actual transaction prices were loose, and steel mills' bidding volume and price performance remained poor. Ferro silicon futures inch up: China's Zhengzhou Commodity Exchange (ZCE) for September 2024 delivery of ferro silicon inched up w-o-w by RMB 58/t ($8/t) to RMB 6,752/t ($935/t) on 25 July, 2024 as against RMB 6,694/t ($927/t) on 18 July 2024.

Outlook

Ferro silicon prices are anticipated to see slight fluctuations in the short term as the steel demand remains volatile and market follows a cautious approach.

Note: This article has been written in accordance with an agreement between CBC and BigMint.