Spot trades for 75%-Si ferrosilicon in Asia stayed thin amid a dearth of demand, while offers were mixed as Chinese indications were lower and Japanese levels steady, industry sources said Thursday.
Chinese 75% Si ferrosilicon was assessed at $1,040-$1,090/mt FOB China Thursday, down from $1,100-$1,140/mt last week, while the Japanese spot import price assessment was flat at $980-$1,000/mt CIF Japan.
"The Chinese domestic market is quiet and offers are generally steady at Yuan 4,950/mt ($765/mt) delivered to the ports in Tianjin, Qingdao and Lianyungang," said a northwest China-based trader. "Our export offers are still at $1,100/mt FOB. However, there's no demand and nothing done."
Another northwest trader, who was also keeping his offers around $1,150/mt FOB, agreed there was a lack of overseas demand, while a northeast China-based trader said Japanese traders were getting Malaysian and Russian materials as they were cheaper than those directly from China.
"Steel and nickel prices are seeing an uptrend recently but ferrosilicon prices are holding steady due to poor demand," said the northeastern Chinese trader, who heard domestic offers for ferrosilicon at Yuan 4,700-5,000/mt, delivered to ports of Tianjin, Qingdao and Lianyungang.
A south China-based trader said some Japanese traders had also been buying Chinese material shipped via Vietnam, avoiding the 25% Chinese export tax.
"Offers for Chinese material directly from China are steady at $1,030-$1,040 FOB, while it will be around $100/mt cheaper via Vietnam," the southern Chinese trader said.
In Japan, spot ferrosilicon trades were quiet this week, the first week of Japanese financial year, and spot prices were unmoved in absence of inquiries.
Meanwhile, front-month rebar futures Thursday closed at Yuan 2,426/mt on the Shanghai Futures Exchange, up from Yuan 2,260/mt a week ago.
SHFE front-month nickel futures closed at Yuan 66,100/mt Thursday, up from Yuan 66,000/mt last week.
