[Spot market] Downstream demand recovering slowing, and the ferrosilicon price continued declining due to the rare deals (except some big plants insist on higher price). What’s more, metal magnesium market stayed weak, which contributed something to the ferrosilicon market being weak. It’s expected to be remaining weak in a short run. We need to follow the steel tender of March as well as the raw materials and transportation.

[Spot price] This week, the ferrosilicon 72# quotation in Ningxia was 5550-5600 yuan per ton, while the ferrosilicon 72# quotation of some big plants was around 5850-6000 yuan per ton.

[Ferrosilicon Futures 2005 contract] Opening price of ferrosilicon futures 2005 contract was 5702, highest price was 5758, lowest price was 5558, closing price was 5650 and the settlement price was 5634. The positions were 64560 and the trading volumes were 306213.

Below are ferrosilicon futures main contract 2005 daily specific performances in this week:

[Steel] In the late-February, inventories of major steel mills were 20.4847 million tons, down by 856.8 thousand tons than the middle ten days of a month and up by 114.89% (10.9523 million tons) from the beginning of the year. Currently, more and more enterprises resumed work smoothly and the trading volumes improved, but steel industry was still under inventory pressure. People think that it may not turn strong until the third quarter.

• [Editor:kangmingfei]