NEW YORK — Ferrosilicon prices have fallen to their lowest levels thus far this year as traders seek to unload material due to slowing spot demand and uncertainty about the economic outlook.

"People are selling below replacement cost," according to one trader.

"It’s very ugly. You can’t buy it anywhere in the world at these levels," a second trader agreed, adding that he expects the weak prices to continue until the end of July.

Prices now stand between 89 and 91 cents per pound, down from 90 to 92 cents per pound previously. Consumer business for a significant amount of material was also reported below these levels after pricing had been concluded.

A third trader confirmed that he had lost business at 90 cents per pound on a delivered basis.

"There are a lot of traders with 100-, 200-, 300-ton positions that are just looking to unload," the second trader said.