Backwardation widens on ZCE’s FeSi contracts

A backwardation is opening up on the ZCE’s ferrosilicon contract. The May price rose rmb 82 to rmb to 6,208 per mt on volume of 223,046 contracts, but the September contract price fell rmb 82 to rmb 6,042 per mt based on volume of 74,072 contracts.

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I would expect contado rather than backwardation seeing that again stoppages due to environmental issues ar expected in China