Steel tender prices continued to decline; The metal magnesium market was also relatively weak, with difficult demand releasing, and the market sentiment was relatively low.

Glencore announced on Monday it has reduced its nickel production guidance for this year by 9% to approximately 102,000 metric tons due to maintenance and strikes.

With robust signs from the realty and construction sectors, the steel market will recover soon, he added.

Downstream support was insufficient, and the speed of ferrosilicon shipment has slowed down, leading to a growing cautious wait-and-see sentiment.

Global nickel production will outpace demand to the tune of 239,000 metric tons next year, according to the International Nickel Study Group (INSG).

The spot price of ferrosilicon was supported by the rising cost of raw materials, and the tender price was higher than market expectations, further driving up positive sentiment.

Supported by multiple positive factors, the domestic ferrosilicon market has shown good confidence this week.

It’s still necessary to closely monitor changes in the supply and demand relationship.