While we are not forecasting a buoyant 2013 for the European ferro-silicon market, we do believe the market is positioning itself for a strong start to the year. Both European and Chinese ferro-silicon output will decline in the coming weeks with the onset of the northern hemisphere winter, characterized in both areas by sharply higher power prices and in turn, seasonal ferro-silicon production cuts. A rebound in global economies is not expected, but we do believe the European and Chinese economies may be approaching a bottom, with improved economic performance expected early next year. Furthermore, a seasonal upturn in activity is expected in the first quarter as steelmakers look to replenish depleted raw material inventories.
展开▼
