NEW YORK Ferrosilicon traders are looking to boost prices as the market awaits the outcome of a recently filed trade complaint, while little impact is expected from Chinas plans to shut ferroalloys production capacity.
Ferrosilicon remains at 88 to 90 cents per pound, with little new business reported. However, traders flagged up imminent price rises as the market awaits the outcome of an anti-dumping petition filed against imports from Russia and Venezuela (amm.com, July 22).
"There are fears with the anti-dumping petition thats looming. ... Were trying to get that number up. There is material in the country that needs to be weaned out first, and theres no real business to move the prices up. But when the inquiries come, we can move numbers up," one trader said.
"Ferrosilicon is going up in anticipation of this anti-dumping suit, though no business is being done. Its probably 91 to 92 cents per pound right now because of the anticipation," a second trader said.
Meanwhile, ferroalloy market participants expressed doubt that there would be any local impact from Chinas announcement that it will phase out 1.93 million tonnes per year of obsolete ferroalloys capacity this year (amm.com, Aug. 1).
"The Chinese have been uncompetitive for most of this year and last year, and a lot of the domestic ferroalloy production is geared toward domestic Chinese mills," a third trader said.
"Those stories have come out every year and I guarantee not even one-tenth of it even happens. They close a plant one day and another opens down the road the next," the first trader said.