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China ferrosilicon tax to stay: sources

Keywords: Tags  ferrosilicon, prices, U.S., China, export duty tax, trade case, Russia ferrosilicon imports, Venezuela ferrosilicon imports Thorsten Schier

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.

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