Reports from China suggest that domestic prices of bulk ferroalloys have rebounded with an increase in spot purchases from steel mills since the start of the month. This is partly in order to strengthen cash flow prior to the start of the Lunar New Year holiday on 26 January.
The current price of Chinese silicomanganese is CNY8,000 to CNY 8,500 per tonne and the export price for Japan has risen by USD 100 per tonne to USD 1,450 to 1,500 per tonne CIF. The price of high carbon ferromanganese prevailing in China's domestic market is CNY 8,300 to 8,500 per tonne and that of medium carbon ferromanganese is CNY 10,600 per tonne.
The price of Chinese ferrosilicon bottomed out in late December. Since the start of 2009 Chinese ferrosilicon is now being offered at USD 1,120 to 1,150 per tonne CIF Japan, having risen further from USD 1,000 CIF at the end December of 2008. A lower price than USD 1,000 per tonne for silicomanganese in the middle of December has now disappeared from the market.
Major producers of ferrosilicon in China decided in December to set a benchmark price of USD 1,090 per tonne FOB as a target for export business.
Sources: Steel Guru, MySteel
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