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Spot offers of 75%-Si ferrosilicon in Asia remained weak after the holiday on the lack of trading interest after the New Year holiday, sources said Thursday.
Despite the weak demand and weak Chinese yuan against the dollar, sources said that the Chinese export offers looked set to get a lift from higher Chinese domestic prices on tight supply.
The dollar was trading at Yuan 6.5646 Thursday, compared with Yuan 6.4936 last Thursday.
Sources added that demand continued to be affected by competition from indirect shipments of Chinese material via Vietnam. Such shipments avoid the 25% export tax imposed by China.
A northwest China-based trader heard domestic offer at Yuan 4,500-4,600/mt ($682-$697/mt), delivered to Qingdao port or Lianyungang, up Yuan 200-300/mt week on week, while a north China-based trader also heard higher offers at Yuan 4,500-4,600/mt.
"The supply is tight while there's no significant change in the demand. Many plants have closed down due to weak prices. We also heard a few purchase tenders by domestic steel plants for their requirements ahead of the Lunar New Year holiday," said the northern Chinese trader.
China will be officially closed for a week from February 8 for the Lunar New Year. Some plants, however, will close up to two weeks prior to this official date in order to allow their workers to head home for the spring festival reunion celebration. In addition, some plants will only resume work after the 15th day of the Lunar New Year.
In Japan, a non-Chinese producer source saw the market holding stable in absence of trades.
"There are no inquiries," he said.
"I was checking prices only," said a Japanese trader, who was offered $850/mt CIF Japan for Chinese ferrosilicon exported to Japan via Southeast Asia (note not Vietnam) without paying the 25% export tax. Another trader said offers were generally $10-$20/mt lower due to the currencies.
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