Asian prices for 75% Si ferrosilicon moved up in Japan this week as higher Russian prices were heard in the market and China was quiet during a week-long public holiday.
The Chinese 75% Si ferrosilicon price assessment remained flat week on week at $1,000-$1,040/mt FOB China. Japan's spot import price of 75%-Si ferrosilicon moved up to $980-$1,020/mt CIF Japan from $980-$1,000/mt, CIF Japan.
Before the week-long national holiday in China this week, prices were heard to be going up. However, no Chinese offers were available this week.
In Japan, higher offers from Russian producers. Several market sources said that Russian producers were offering a range of prices.
One trader said she heard prices as low as $950/mt, CIF Japan, while another trader said that Russian material was heard offered at $1,020/mt, CIF Japan. One steel mill buyer said Russian material is now tight and that a range of offer prices were available, adding that they were now more selective about their customers and had a range of offers available. This could not be confirmed with Russian manufacturers, however.
Trades of Malaysian material were heard to be done at $1,000/mt, CIF Japan, moving up from offer prices of $990/mt heard last week.
One market source added that the Japan market was finally "feeling the heat" from China's rising prices. The source said Japanese stocks were running low and that Japanese buyers were now forced to accept higher prices.
