Ferrosilicon prices have dropped amid fierce competition for
business between traders, with Nucor Corp. said to have
concluded its tender.
fallen to a range of 90 to 92 cents per pound from 91 to 93
cents previously, with market participants telling AMM
that traders are clamoring for business to fill their order
books. Prices have dropped steadily since trading in a range of
95 to 97 cents per pound in late March.
The market had been
awaiting the outcome of Nucors tender for a number of
weeks, with the price drop substantiating previous claims by
some traders that the steelmaker was holding quotes below
then-published prices (
amm.com, May 31).
"The Nucor tender
pulled some numbers down. There was a lot of talk in the market
saying Europe is terrible, this is the only thing
thats out there, " one trader said. "But we
quoted our numbers, we didnt even have to negotiate and
we got some of that business. My sense is that the market is
not that cheap and theres not a lot of material sitting
ferrosilicon business reportedly was split between a number of
suppliers. The Charlotte, N.C.-based company couldnt be
reached for comment.