Ferroglobe to cut silicon production in Spain - trade union

Spain-based ferro-alloys producer Ferroglobe is idling one of its silicon metal furnaces at its Sabon plant in Galicia because of high electricity prices, according to local trade union Confederaci??n Intersindical Galega (CIG).

Ferroglobe has three furnaces at its Sabon plant, each with a nameplate annualized capacity of about 14,000 tonnes. Typical output is around 10,000 tonnes per year of a mixture of both 441 and 553 grades of silicon metal, although it trade sources estimated that annualized total production is currently closer to around 20,000 tonnes.
On Friday, Fastmarkets approached the company for comment, but Ferroglobe officials had not confirmed the furnace shutdown at the time of writing.
In a statement, CIG urged Ferroglobe to not use the cost of electricity as a reason to cut silicon production and jobs at Sabon. There is also industry talk that Ferroglobe may shut another silicon furnace at Sabon in the near term, according to trade sources.

"The CIG calls on the company not to use the cost of electricity as a justification to destroy jobs and relocate production, given the profitability...

Gold and silver price ETFs see major net outflows

Gold stocks decline by less than metal price

A shift to the later stages of gold and silver bull markets

Gold stocks plunge on metal drop

Gold stocks still up after pullback late in the week