Chinese ferro-silicon prices dropped in the week ended Friday November 2 due to slow buying interest and a weak yuan versus the dollar, while the European market also succumbed to quiet demand, causing suppliers to cut their offer prices to garner buying interest.
Chinese market drops in line with demand Weaker yuan exacerbates downward trend European suppliers cut offer prices US prices dragged down by weaker overseas markets Trading in the Chinese ferro-silicon market was subdued in the past week, with prices pressured downwards by persistently low demand from steel mills and a weak exchange rate in the yuan versus the dollar. Fastmarkets assessed the Chinese ferro-silicon ex-works price, basis 75% Si, at 6,600-6,700 yuan ($958-972) per tonne on Friday, down 200 yuan on the high end of the range week on week. "Frankly, prices have been quite steady in general so far, perhaps domestic demand has fallen but even then the extent of that move has not been big," a producer said. "Market sentiment may have been dragged down because of the weakening yuan versus the dollar and the intensifying US-China trade dispute," the producer added. The yuan was trading at...