NEW YORK Ferroalloy spot prices were unchanged in the past week as high-volume buyers continued to sit out the market.
High-carbon ferrochrome was steady in a range of 97 cents to $1.02 per pound, while ferrosilicon also was unchanged at 94 to 96 cents per pound.
Ferrosilicon traders so far have been unable to push transactions closer to $1 per pound, despite recent supply concerns following the filing of an anti-dumping trade petition by U.S. producers against imports from Russia and Venezuela (amm.com, July 19).
"Its still deadly quiet. I offered at 97 cents per pound and was laughed at," one ferrosilicon trader said.
"Theres still no mill business," a second trader said. "Im not surprised, because if youre buying now, you may be buying at the peak of the market."
Meanwhile, one ferrochrome trader said he expects high-carbon material to move up again as domestic supply remains strained (amm.com, Aug. 30).
"Im only selling to test the market at the moment, and think I could sell near $1.05 per pound without an issue," he said. "I think the market found a bottom. Though its not going to run away just yet, anything in the 90s is now out of the question for us. Im only able to offer to a select few consumers due to things like vessel delays, so I dont have the buffer stock to sell into the trade. General consumption has gone up, beating our forecasts."