Asian ferrosilicon prices are soaring, with spot prices expected to exceed the $15,000-per-mt level, c.i.f., before the end of the week, or up by about $150 since the start of the week. Sellers say buyers are snapping up everything offered and are even asking for more. Depending on who you talk to, the spurt is attributed to higher power costs, more environmental inspections, including quartz mines, and looming raw material shortages.
The ZCE saw its September contract price rise another rmb 176 to rmb 6,918 per mt bashed on a whopping 372,790 contracts. Even the ZCE’s silicomanganese contract is shooting up, reaching rmb 7,528 per mt, up rmb 228, on 270,094 contracts.
The silicomanganese price is increasing while Chinese manganese ore buying prices finally fell below $6 per Mn unit to just above $5.81 (see benchmarks).