Spot offers for 75% Si ferrosilicon in Asia rose this week as some Chinese domestic offers showed no sign of easing on tightening spot supplies, industry sources said Thursday.
S&P Global Platts assessed the Chinese 75% Si ferrosilicon at $1,140-$1,160/mt FOB China Thursday, up from $1,100-1,150/mt last Thursday.
Platts assessment of the spot CIF Japan import price of 75% Si-ferrosilicon rose to $1,100-$1,150/mt CIF Japan Thursday from $1,070-$1,100/mt a week ago.
Industry sources heard or indicated offers at $1,140-$1,250/mt FOB this week.
"My offers are steady at $1,200/mt FOB this week after the hike seen last week. The export trade is quiet and I have nothing done. Overseas buyers still can't accept the current level. My domestic offers are also steady at Yuan 6,400/mt ($929/mt), delivered to the Qingdao port. However, this offer level is supported by Chinese steel plants, that are buying for their requirements," a northwest China-based trader said.
A south China trader also heard FOB offers at $1,200/mt but said $1,140/mt was a more realistic price due to weak overseas demand and alternatives available to Chinese material.
"Domestic offers have jumped and managed to remain steady at Yuan 5,800-5,900/mt ex-works due to Chinese steel plants' good demand," the southern Chinese trader added.
A northwest China-based producer, who produces ferrosilicon for its own use, agreed and said: "It's buying tender season for Chinese steel plants now."
A north China-based trader indicated FOB offers at $1,250/mt but said he had nothing concluded at the level..
A Southeast Asian trader said: "The supply in China is still tight as previously closed plants on weak prices and the environmental board's orders have not resumed their operations."
Meanwhile, Japanese traders said supplies below $1,100/mt CIF disappeared because of tight Chinese supply.
One Japanese trader said Chinese offers were in the range of $1,100-$1,150/mt CIF Japan, while a second Japanese trader said Russian offers were at $1,150-$1,170/mt CIF Japan.
The Southeast Asian producer said there was a general tightness in supply globally and added that he had almost sold out his May stocks.
