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China produced 2.608 million mt of ferrosilicon over January-July, down 12% year on year, of which more than 90% was consumed by the magnesium and steel sectors, the Taiwan Casting Industry Association said on its website Tuesday.
China produced 476 million mt crude steel over January-July, and the sector's ferrosilicon consumption is estimated at 1.89 million mt in the period, the association said.
The magnesium sector consumed 496,000 mt of ferrosilicon in the same period, it added.
Taking into account the output as reported by the National Bureau of Statistics, the consumption as reported by the Taiwan Casting Industry Association and exports according to the Zhengzhou Commodity Exchange, China had a ferrosilicon supply surplus of 40,000 mt over January-July.
China exported just 22,600 mt of ferrosilicon in July, down 57% year on year, figures from the ferroalloy trading platform Zhengzhou Commodity Exchange showed. China exported 170,000 mt ferrosilicon over January-July, the exchange data showed. The year-on-year change was not given.
The fall in exports was attributed to lower demand in Japan, South Korea and the US.
The Taiwan Casting Industry Association said that market fundamentals continued to be weak this year and that some medium and small producers had halted production or switched to other products.(platts)
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