The steady rise in the ZCE ferrosilicon contract spilled over into the silicomanganese contract. The January 2018 ferrosilicon contract rose rmb164 to rmb8,784 today, while the May contract also rmb192 to rmb7,7378, slightly narrowing the backward action. Volume was 578,428 contracts for January and 198,746 contracts for May.
In the West, sellers are increasing reluctant to quote the spot market, with the feeling ferrosilicon prices will remain high into May.
Silicomanganese prices rose rmb252 to rmb8,354 per mt for the January contract and rmb250 for the May contract to rmb7,426 per mt. Volume was 326,122 contracts for January and 101,762 contracts for May.
A Chinese low-carbon ferrochrome seller reportedly cancelled offers yesterday, blaming a government imposed environmental shutdown.