NEW YORK Ferrosilicon spot prices have surged again over future supply concerns, although major consumers reportedly are holding off on large purchases.
Ferrosilicon has moved up to a range of 94 to 96 cents per pound from 91 to 93 cents previously.
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).
Market participants told AMM that the anti-dumping case is still the major factor driving up prices.
"Therell be a 140,000-ton hole to fill if Russia and Venezuela are out," one trader said.
A source at one of the companies potentially affected by the anti-dumping case said that his company had not participated in the spot market recently.
However, traders also said that while ferrosilicon prices are up, they had yet to field any large-volume inquiries for the material.
"The numbers are definitely higher. Ive even heard some people say they sold at 98 cents per pound for smaller quantities. But the steel mills are not yet in the market; we havent gotten any inquiries for the fourth quarter. Maybe for the time being theyre on the sidelines," a second trader said.