NEW YORK Ferrosilicon prices fell again, with traders reportedly looking to book whatever business they can before the summer slowdown quells consumer interest.
Ferrosilicon dropped to a range of 89 to 91 cents per pound from 90 to 92 cents last week. That marks a steady decline since late March, when ferrosilicon traded in a range of 95 to 97 cents per pound (amm.com, March 22
Market participants said that requests for material were scarce following the recent completion of Charlotte, N.C.-based Nucor Corp.s tender, which reportedly pushed prices down (amm.com, June 14
). As a result, competition for remaining tenders remains fierce.
Right now, people think this is the last business that will be out here for a while, one trader said. Nucor came out for a lot of tons and people are looking to get whatever they can, because Europe is still terrible.