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[Ferro-Alloys.com]Spot offers for 75% Si ferrosilicon in Asia remained mixed, with Chinese indications rangebound, while Japanese levels up, industry sources said Thursday.
Chinese 75% Si ferrosilicon price was assessed at $990-$1,040/mt FOB China, compared with $1,000-$1,040/mt last week, while the Japanese spot import price edge up to $970-$1,000/mt CIF Japan from $950-$1,000/mt a week ago.
"Prices are steady and there are really not many changes in the market condition. FOB offers are at $990-$1,000/mt. Some overseas buyers are still resisting Chinese material directly from China due to the 25% export tax. However, I heard Vietnam's stocks for Chinese material have been falling and are at very low level without any replenishment," said a south China-based trader.
Chinese material has been transported to Vietnam via non-official channels, which avoided the compulsory Chinese 25% export tax, thereby making them smuggled goods.
A northwest China-based end-user, who heard offers at $980-$1,000/mt FOB and Yuan 4,350-4,400/mt ($663-670/mt) ex-works, said: "I also heard from the market that some producers in Ningxia are shutting their plants due to the weak demand and prices as they want electricity rebates from the Chinese government."
In Japan, spot ferrosilicon prices in Japan edged up this week as Chinese customs authorities tightened border patrol to prevent smuggling, tightening supplies of tax-evaded material, Japanese market sources said.
Offers of Chinese origin material were at $1,000-$1,050/mt CIF Japan, while non-Chinese supplies were $970-$980/mt CIF Japan, Japanese traders said.
A Japanese mill was heard buying several hundred tons at a level slightly below $1,000/mt CIF Japan.
This week, one integrated steelmaker issued a buy tender for 3,000 mt for delivery into two west Japan plants over July-September.
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