Under the traditional off-season, the ferrosilicon market continued to operate weakly, with a strong wait-and-see sentiment and cautious procurement operations.

BMI – a unit of Fitch Solutions – is maintaining its nickel price forecast for 2024 at $18,000/tonne as excess supply continues to drag prices down from 2022 levels, the analytics firm said in its latest market report.

At the beginning of June, the market quickly fell below the limit, and then continued to slide and consolidate, returning to rationality.

Global nickel prices may have hit a floor, according to a Macquarie analyst who sees a market recovery driven by strong demand from the steel sector and as a surplus of ore supplies shrinks after Indonesia slowed production permits.

The cost side support was stable and strong, and manufacturers were still showing a willingness to raise prices.

On the morning of May 30th, the main contract of ferrosilicon futures rose the limit up in response, with a highest price of 7824 CNY/T, an increase of 8.01%; On the 31st, the market closed at 8108 CNY/T, up 5.27%.

This week, some steel plants announced tender information in June, there would be a new round of release on the demand side...

Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys (IMFA) expects ferrochrome prices to increase by ?3,000 to ?4,000 per tonne in the first quarter (April-June).