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China ferrosilicon export price rises to $1,600-$1,650//mt FOB

Increase font size  Decrease font size Date:2017-09-04   Views:360
S&P Global Platts assessed the Chinese 75% Si ferrosilicon price at $1,600-$1,650/mt FOB China Thursday, up from $1,580-$1,600/mt a week earlier on a stronger yuan against the dollar despite lower Chinese domestic prices.

The dollar was trading at Yuan 6.601 Thursday, compared with Yuan 6.6525 last Thursday.

A South China-based trader heard offers at $1,610/mt FOB China, a northwest China-based trader indicated offers in excess of $1,600/mt FOB, a second northwest China-based trader indicated around $1,700/mt FOB, while a northwest China-based producer/consumer heard offers at Yuan 8,700-8,900/mt ($1,317-$1,348/mt) ex-works.

"It's hard to close any export deals due to current prices. I have no overseas inquiries this week," the southern Chinese trader said.
The first northwestern Chinese trader said: "I'm keeping my offers steady in excess of $1,600/mt despite a stronger yuan against the dollar which makes exports more expensive. The environmental checks are still ongoing in Qinghai and the output is still down."

Since August 7, the fourth batch of environmental inspectors have stationed themselves in eight provinces: Sichuan, Tibet, Qinghai, Xinjiang, Jilin, Zhejiang, Shandong and Hainan. Both Qinghai and Xinjiang are major ferrosilicon producing areas.

The second northwestern Chinese trader added: "In fact, domestic prices have slipped to Yuan 8,500-8,600/mt ($1,289-$1,304/mt) ex-works this week from Yuan 8,800/mt last week. Some plants which are outside the environmental checks areas have resumed operations. In addition, some traders who have stocks on hand are releasing stocks into the market. There are also purchase tenders from steel plants. However, yuan has strengthened against the dollar, making FOB offers more expensive."

Chinese ferrosilicon is subject to 20% export tax.

This northwestern Chinese trader said FOB offers were around $1,700/mt FOB for small quantities from smaller plants and around $1,800/mt from bigger plants.

"I have a pickup in overseas inquiry but nothing done," the second northwestern Chinese trader added.

Japan's import price was assessed at $1,630-$1,680/mt CIF Japan, up from $1,550-$1,600/mt CIF Japan a week ago.

A Japanese trader reported an offer from a trader for Chinese-origin material at $1,680/mt CIF Japan, while another trader offered him $1,900/mt CIF Japan for Russian material available for prompt shipment.

Two Japanese traders said deals were done in a wide range of $1,600-$1,700/mt CIF Japan but not above.
 
 
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