This year's price rally in the European ferro-silicon market is showing increasing signs of weakness, with the market falling for the second consecutive week on Friday November 12, trade sources told Fastmarkets.
Moreover, some traders and steelmakers said standard grade was being offered at well below ?,?4,000 ($4,577) per tonne for delivery in the first quarter amid persistently weaker prices in Asia, notably from China.
The market dropped by almost 5% over the week to Friday after a similar fall the previous week, amid quieter trading and signs of weaker prices in the first quarter of 2022. Ferro-silicon producers were mostly sold out for the next quarter, while there have been domestic production cuts in Europe.
Tight supply after European production cuts and a virtual lack of imports had pushed prices to record highs by the end of October, although weakening transport costs raised the potential for renewed sales from Malaysia, a traditional exporter to Europe, in the coming months, trade sources said.
Fastmarkets assessed the spot price for ferro-silicon, lumpy, basis 75% Si (scale pro rata), delivered Europe at...