Insiders are betting that the Chinese government will allow between 50% of 70% of the closed ferrosilicon smelters to return to operation by the end of the year. As a result, the market continues to lose steam. On the ZCE, the January contract fell rmb94 to rmb8,816 per mt while the May contract fell rmb38 to rmb7,170. The number of contracts for the January contract went down to only 107,392 and May was an even lower 68,392 contracts traded.
Silicomanganese prices and traded volume also went down.