NEW YORK Ferrosilicon traders are aiming to push spot prices closer to $1 per pound even though trading activity appears too scant to support the price hike.
Ferrosilicon is unchanged in a range of 91 to 93 cents per pound, although market participants told AMM there were rumors of material selling for as high as $1 per pound.
Ferrosilicon traders have been aiming to capitalize on supply concerns following the launch of a U.S. anti-dumping investigation into imports from Russia and Venezuela (amm.com, Aug. 16).
"With or without the trade case, those numbers still seem high," one trader said. "There are very few spot inquiries right now, and its more for specialty grades of ferrosilicon."
"People are mostly talking it up for now, but I do think it will get there eventually," a second trader said.
One consumer source, who said his company will probably put in a request for ferrosilicon in the fourth quarter, agreed that the higher prices are likely speculative. "Personally, I think its a lot of talk at this point. I dont think demand has actually picked up. From the steel side, I think demand will remain in the same range that its been for most of the year," he said.