The Chinese export spot price of 75%-Si ferrosilicon was assessed at $1,410-1,440/mt FOB Thursday, compared with $1,410-1,450/mt a week ago, on slow domestic and export demand.
This week, an Inner Mongolia-based producer sold around 300 mt of ferrosilicon, for early-March loading from Tianjin, at $1,420/mt FOB to a buyer in the US, a source at the producer told Platts.
Offer prices from China were heard at $1,420-1,450/mt FOB this week. Offers are down about $20-60/mt compared to in late January before the Lunar New Year holidays over January 31-February 6. Offers were sparse last week as some Chinese companies only reopened this week after the holiday.
Domestic demand in China has been quiet after the Lunar New Year holiday as local steelmakers are not buying much, while supply remains ample, said the source from the Inner Mongolia producer.
"(Export) Prices had dropped quite a bit as factories have lowered their prices ... Overseas customers have been very quiet as well," said a trader in Gansu province, who has cut her offer prices by around $60/mt since late January.
Ferrosilicon traded at Tianjin port at Yuan 6,600-6,700/mt ($1,081-1,097/mt) Thursday, compared with Yuan 6,700-6,800/mt a week ago, said sources.
Meanwhile, Platts assessed the 75%-Si ferrosilicon spot import price into Japan at $1,420-1,450/mt CIF Japan Thursday, unchanged from last week, with deals and offers reported in a wide range and some determined to be not repeatable.
A Russian producer said he was not offering spot this week and put his sales indication at $1,460-1,470/mt CIF Japan for April-loading cargoes. A Japanese trader said offers from Chinese producers ranged from $1,305/mt to $1,450/mt CIF Japan.
An electric arc furnace operator in the Kanto region has reported buying from a Japanese trader less than 1,000 mt at around $1,300/mt CIF Japan for March delivery. The mill source said the material was China-origin and the price included the 25% export tax, but this could not be confirmed with the seller. Several Japanese traders said, however, that a $1,300/mt CIF Japan price was not achievable if the Chinese 25% export tax was included.
Spot trade in Japan has cooled off this week after three Japanese steelmakers awarded buy tenders last week, traders said.