The recent downtrend in Chinese domestic ferro-silicon prices came to a halt in the week ended Friday May 24 amid an uptick in demand, while most suppliers kept their offer prices unchanged as they awaited further direction from June tender prices from steel mills.
Chinese domestic market stabilizes, abundance of supply remains a headwind Chinese export offers unchanged in inactive market European market unchanged again US market flat amid thin spot activity Chinese domestic market halts downtrendConsumers in the Chinese steel sector took to the sidelines of the spot market over the past week while they awaited a clearer price direction from soon-to-be-made June tenders. But an uptick in demand from the downstream magnesium market kept the domestic ferro-silicon market in China steady.Fastmarkets assessed the Chinese domestic spot ferro-silicon (basis 75% silicon) price at 5,900-6,100 yuan ($855-884) per tonne on May 24, unchanged from a week earlier. After a period of relative quiet in the Chinese magnesium market since mid-April, export inquiries have increased following a weakening of the yuan in recent weeks. The yuan was trading at around 6.91 to $1 on May 24, compared with 6.82 on May 10 and about...