Spot silicon rise drives Chinese to renege on pacts
Nov 30, 2010 | 12:53 PM
| Anne Riley
Rising spot silicon prices have enticed some Chinese suppliers to renege on lower-priced contracts with Western consumers, leaving some would-be buyers—including Rio Tinto Alcan—scrounging for material in an increasingly tight spot market.
U.S. spot market silicon prices have risen to between $1.55 and $1.65 per pound, up from $1.50 to $1.60 per pound at the start of September and well above the $1.23- to $1.25-per-pound range at the same time last year.
As spot prices have climbed higher, long-term contracts signed at lower prices late last year or earlier this year are no longer attractive to Chinese suppliers, sources said, causing a growing number to pull the plug on their global customers.....
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