Some of these higher offers, especially those for high-grade material, have gained acceptance in the market and deals have been concluded at these levels.

The downward move was also seen as a correction to the price gap that emerged between spot and tender prices last week.

The 2201 ferrosilicon contract price on ZCE closed at 11170 yuan per ton on October 27.

The 2201 silicomanganese contract price on ZCE closed at 9262 yuan per ton on October 27.

The 2201 silicomanganese contract price on ZCE closed at 10542 yuan per ton on October 22.

The 2201 ferrosilicon contract price on ZCE closed at 14104 yuan per ton on October 22.

The 2201 ferrosilicon contract price on ZCE closed at 12960 yuan per ton on October 25.

The 2201 silicomanganese contract price on ZCE closed at 9996 yuan per ton on October 25.