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.
"Its very ugly. You
cant 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
A third trader confirmed that he
had lost business at 90 cents per pound on a delivered
"There are a lot of traders with 100-, 200-, 300-ton
positions that are just looking to unload," the second trader