Sluggish activity in China’s common alloys market after holiday

Tuesday, 12 October 2010 14:51:16 (GMT+3)   |  
       

After the National Day holiday (October 1-7), trading activity in the Chinese common alloys market has been sluggish. The domestic ferrosilicon market has shown a downward trend in a context of increased supplies and resumed production, especially resumption of production in the Ningxia Hui Autonomous Region. The domestic manganese alloys market has trended between stability and a very slight downtrend, against a background of low demand. Manganese alloy producers have resumed production operations in the Guangxi Zhuang Autonomous Region. Prices are expected to trend sideways in the coming period.

Product name

Specification

Place of origin

Price

(RMB/mt)

Weekly change (RMB/mt)

Price  ($/mt)

Weekly change ($/mt)

Silicon manganese

FeMn65Si17

Guangxi

9,150

1,366

Ferrosilicon

FeSi75

Gansu

7,900

-100

1,179

-15

In the past week, the prices of manganese alloys in China have trended between stability and very slight decrease. Currently, Chinese domestic market quotations for FeMn65Si17 are at RMB 9,000-9,200/mt ($1,349-1,379/mt), down from RMB 9,000-9,300/mt ($1,349-1,394/mt in the previous week. At the same time, the mainstream price of FeMn65 stands at around RMB 8,500-8,700/mt ($1,269-1,299/mt). Meanwhile, export offers of FeMn65Si17 are standing at $1,650/mt FOB.

After the National Day holiday, the situation in China's manganese alloys market has remained uncertain and players are in wait-and-see mode. The purchase prices of domestic mills are standing in the range of RMB 9,200-9,500/mt ($1,379-1,424/mt). Based on the current market situation, if manufacturers resume production in the southwestern region, the situation of short supply in the manganese alloys market will be eased and the market may show a correction in the coming period.

Current ex-works prices of ferrosilicon (75 percent) in China stand at RMB 7,800-8,200/mt ($1,164-1,224/mt), down RMB 200/mt week on week, while export offers of ferrosilicon (75 percent) from China are standing at $1600-1,650/mt FOB.

After the National Day holiday, Chinese domestic ferrosilicon market prices all moved down due to resumption of production activities. Based on the current situation, supplies of ferrosilicon are expected to increase. However, due to the current high levels of ferrosilicon prices, the market may fall slightly in the coming period.


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