NEW YORK U.S.
ferrosilicon prices could receive a boost from initial reports
that China will not lift a 25-percent export duty on the
product, sources told AMM this past week.
"It looks like export
duties will remain in place in China. There could be an impact
on the market here as it might encourage people to demand
higher prices and reduce discounts," one trader said.
Speculation that the
Chinese government might cut the tax in combination with an
ongoing dumping case filed in the U.S. against Russia and
Venezuela had made supply tighter as market participants were
hesitant to bring in material.
"A lot of people were
holding off bringing things in thinking they could get it
cheaper," a second trader said.
For now spot prices
remain between 94 and 99 cents per pound.