In early May, SteelOrbis reported spot prices for ferrosilicon slightly rebounding back to early April prices of $1,697-1,763/mt in-warehouse Pittsburgh.
Sources have informed SteelOrbis that as of mid-May, prices have firmed up $44/mt to the range of $1,741-1,807/mt in-warehouse Pittsburgh due to some delivery delays in the Midwest resulting from flooding conditions. Additionally, higher export prices from China and limited domestic supply have also influenced prices, along with reports of European ferrosilicon traders successfully resisting lower bids on tight supply concerns.
According to sources, import supplies are limited and various Asian countries are increasing their domestic enforcement to limit exports without the proper tariff payments and documentation. As such, traders are expecting price increases over the summer. A source noted that the price increase is firm as domestic inquiries are increasing along with upcoming third quarter contract negotiations.