NEW YORK Ferrosilicon
prices have ticked up slightly on reports of tightening supply,
while one consumer is said to have suddenly entered the spot
market for 300 tonnes.
Ferrosilicon transactions were
reported in a range of 93 to 96 cents per pound, up from 92 to
95 cents previously.
"Ferrosilicon is starting to get
some legs," one trader said. "Theres a lack of material
coming in because it doesnt fit for the Chinese.
Youd need 95 cents today, and then it doesnt get
here for another six to eight weeks, and whos to say
where the market will be then?"
"I dont think theres
too much ferrosilicon around, and thats what is giving it
some strength," a second trader said. "People hadnt been
as active in buying it before. They were buying just 200 tonnes
here and there instead of 1,000."
The first trader said he sold
200 tonnes to a major consumer who came into the market looking
for 300 tonnes. "Whoever was supplying them didnt have
any more, so they didnt have enough material for March,"