[Steel tender] The steel bidding ended in October and the demand was released, the ferrosilicon market was relatively calm. In view of the sharp decrease in bidding volume of big steel mills in October, the industry pays more attention to the new round of steel bidding.
[Spot market] The current ferrosilicon market is still tight-supply, the atmosphere of price support is strong, northwest large factory directly said "no spot, do not quote for the time being"; the demand side continues to be stable and strong, the effect of delivery warehouse removal is also obvious, the overall mood of the spot market is optimistic; the futures market suddenly fell in the last two trading days of this week but it has little impact on the spot price temporarily, and the short-term spot price fluctuation is not expected to be too large.
[Ferrosilicon futures 2101 contract] Opening price of ferrosilicon futures 2101 contract of this week was 5,998, highest price was 6,046, lowest price was 5,826, closing price was 5,844 and the settlement price was 5,844. The positions were 63,428 and the trading volumes were 354,664.
[Steel market] According to data of the National Bureau of Statistics, in September 2020, the average daily steel production reached 3.935 million tons, increasing for the third consecutive month - the demand for ferrosilicon in the downstream steel market continued to remain stable and strong in September. The domestic steel market started well in October. The policy of environmental protection and production restriction in autumn and winter continued and the scope was expanded. The rise of steel prices was supported. However, based on the off-season expectation, the rising space may be limited, and it may run in a strong shock in the short term. Pay attention to the possible supply pressure in the later stage.
[Metal magnesium market] This week, the metal magnesium market was in a continuous heating-up stage, the overall mood is rising, and it is expected to maintain stable operation in the short term. Current cash quotation including tax of 99.9% magnesium ingots in Fugu area was around 12800-12900 yuan per ton.