European second-quarter ferro-silicon contracts have been settled around current spot price levels. We expect prices to consolidate in the near term amid relatively firm steel production rates, particularly in northern Europe. European steel production utilisation is strongest in Germany, where 80% of capacity is being used. There is no problem with ferro-silicon supply, however, and we understand there is material available as and when it is needed on the open market. US spot market ferro-silicon prices have widened in their current range as imports from China have increased via the ille-gally smuggled route through Vietnam, although relatively firm US steel production and tight domestic stocks are adding support. The Chinese ferro-silicon market has been steady, with prices supported on increased shipments and tight stocks. Most Chinese steelmakers have published their tender prices for ferro-silicon intake in April, with an increase of some RMB50-100/tonne from March.
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