NEW YORK The
ferrosilicon spot market continues to diverge,
with prices reported in a range as wide as 6 cents per
pound, although major consumers are reportedly still waiting
out the market.
price remains unchanged in a range of 96 to 98 cents per pound,
with unconfirmed transactions reported as low as 94 cents and
as high as $1 per pound.
sellers have been pushing for higher prices since August due to
supply concerns prompted by the initiation of an anti-dumping
investigation by the U.S. Commerce Department into imports from
Russia and Venezuela (
amm.com, Aug. 9). However, ferrosilicon import
figures for August have been delayed by the recent government
"Some guys are at 96
cents per pound, some say theyre at $1. But if you want
to sell, you need to be at that lower end," one trader said.
"Its only small quantities, a truckload here and there,
because were in between the quarter."
Some parties are
looking to lock in first-quarter business at a fixed price of
98 cents per pound, a second trader said.
However, the majority
of market participants contacted by AMM said there was
little trading in ferroalloys or inquiries taking place, as
most consumers are wait until November before they start
looking at their requirements for the first quarter of
"I think Ill
wait until the start of November, when first-quarter
negotiations start again," a third trader said.
"Were not really
chasing it; I think more business will be done in late
November, early December," the second trader said. "Why force
business now? If you look at the replacement costs, its
more attractive to be on the sideline and wait a month."