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[Ferro-Alloys.com]Spot offers of 75%-Si ferrosilicon in Asia were generally steady, while trades were thin on the absence of buying interest, sources said Thursday.
Chinese 75% Si ferrosilicon was assessed at $1,100-$1,140/mt FOB China Thursday, flat from last week, while the Japanese spot import price assessment was at $980-$1,000/mt CIF Japan Thursday, unchanged from a week earlier.
"Domestic offers are down. I'm hearing Yuan 4,650/mt [$720/mt] ex-works this week, down from the proposed floor price of Yuan 5,000-5,200/mt ex-works by two major Chinese ferrosilicon producers. I did not hear any FOB offers," said a northwest China-based end-user, who reckoned export offers to be steady around $1,100/mt FOB.
There is a 25% tax on Chinese ferrosilicon exports, a northwest China-based trader said: "The supply is fine but the demand is not so good. Our domestic offers are at Yuan 4,700-4,750/mt delivered to Qingdao and Lianyungang, down Yuan 200/mt week on week. Our export offers, however, remain at $1,100/mt FOB. I have no inquiry."
Another northwest China-based trader and a northeast China-based trader said that Japan traders were not buying this week as they were busy with closing their accounts for the financial year ending March.
This northwestern China-based trader was keeping his offers at steady $1,150/mt FOB, while the northeastern Chinese trader did not offer this week.
In Japan, the market was quiet and the assessment was kept steady on the absence of deal, offer or bid reported, sources said.
One Japanese trader said supplies appear to be tightening as increasing number of Japanese steel mills are accepting offer prices without negotiating prices lower. "I see market at around $1,000/mt CIF Japan," he said.
"There is no activity because this week falling at the end of the Japanese financial year, it is not the time to engage in spot trade," a second Japanese trader said.
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