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Spot offers of 75%-Si ferrosilicon in Asia remained weak in thin trade after the September 3-5 holiday in China, sources said Thursday.
The Chinese spot price assessment for 75%-Si ferrosilicon fell to $1,170-$1,200/mt FOB China Thursday, down from $1,180-$1,220/mt a week ago.
Japan's spot import price of ferrosilicon was assessed at $1,110-$1,120/mt CIF Japan Thursday, flat from last week in thin trade.
The assessment was on the basis of Russian material offered at $1,110-$1,120/mt CIF Japan for October-November loading.
"I have lowered my export offers to $1,170/mt FOB this week as demand is still extremely weak," a northwest China-based trader said. "My domestic offers are also lower at Yuan 5,150-5,200/mt, delivered to Tianjin port."
Two weeks ago the trader had indicated offers at $1,230/mt FOB and Yuan 5,250/mt, delivered to Tianjin port.
Another northwest China-based trader had also heard offers staying weak around $1,200/mt FOB and Yuan 5,200/mt ($805/mt), delivered to Tianjin port, while a north China-based trader said recent weak Chinese economic data had also dampened the market, prompting caution among buyers.
"I have not traded this week but I heard export offers at $1,160-$1,180/mt," a south China-based trader said. "I have seen a slight pickup in inquiries though, likely for fourth-quarter requirements."
A northwest China-based end-user said: "Yes, the domestic price has dropped to Yuan 4,750/mt ex-works on weak demand, from Yuan 4,850-4,950/mt two weeks ago. The delivery charge to Tianjin port is about Yuan 400/mt and the port charge about Yuan 100/mt."
In Japan, no deals were reported, with only a handful of electric arc furnace operators in the market. One electric arc furnace operator awarded a 300 mt buy tender Wednesday at Yen 125/kg delivered, which is around $960/mt CIF Japan, one tender participant said.
The material is for November delivery and is possibly Chinese-origin material shipped via Vietnam.
A Japanese trader said Chinese ferrosilicon shipped via Vietnam, evading the 25% export tax, was offered at below $1,000/mt CIF Japan. "Three-digit ferrosilicon has become commonplace," he said.
Offers and deals for material shipped via Vietnam were not taken into consideration in Platts assessment due to a lack of verifiable details.
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