Spot offers for 75% Si ferrosilicon in Asia fell as more traders offered product this week, although producers largely absented themselves from the market as they had sold out their November production, industry sources said Thursday.
S&P Global Platts lowered the Chinese 75% Si ferrosilicon price to $1,550-$1,600/mt FOB China Thursday, down from $1,600-$1,650/mt last Thursday.
The Japanese spot ferrosilicon CIF price was assessed at $1,580-$1,620/mt CIF Japan Thursday, down from $1,780-$1,830/mt a week ago.
"Chinese domestic ex-works offers are wide ranging. Bigger plants are [showing] offers in excess of Yuan 8,000/mt ($1,220/mt) and smaller ones around Yuan 7,000/mt. Our FOB offers are at $1,550/mt, down about $50/mt from last week. The overseas demand is thin as buyers are adopting a wait-and-see approach," said a northwest China-based trader.
A second northwest China trader said domestic offers were rather messy with ex-works indications from around Yuan 7,000/mt to more than Yuan 8,000/mt.
"The recent environmental check is over but the supply is still limited as not many plants have resumed operations," said the second trader, who kept his FOB offers steady at around $1,700/mt despite not doing a deal at that level.
A South China-based trader, who heard offers at $1,450/mt FOB, down from $1,500/mt last week, said: "I heard the domestic market is doing well with many tenders for 120 mt, 200 mt, 250 mt orders."
A South Korean trader said: "It's a strange week with offers wide ranging at $1,450-$1,700/mt FOB China."
Japanese traders said numerous 200-300 mt cargoes for September-October loading were booked this week, in a wide range of $1,580-$1,700/mt CIF Japan.
There were some South Korea and Taiwan-based traders volunteering to sell prompt shipments at $1,480/mt CIF Japan or lower, exerting downward pressure as the week progressed.
But a Japanese trader said buyers were cautious and were not reaching out for new supply sources. Two Japanese traders put $1,580-$1,620/mt CIF Japan as the tradable price level Thursday. Deals were done at higher levels earlier in the week.
Two producers said they would offer around $1,650/mt CIF Japan but did not have any spot supplies. One Chinese producer was heard offering $1,900/mt CIF Japan for prompt material, but did not attract interest.
