This week, the domestic ferrosilicon market was still depressed, the downstream demand was weak, the transaction was poor, the steel bidding progress was slow and the price was lower and lower (the bidding price of a steel plant had dropped to 8900 yuan per ton later this week), the factory inventory gradually accumulated slightly and their willingness to make deals was strong and the confidence was insufficient. However, considering that the current ferrosilicon price has approached or even exceeded the cost line, it’s expected that the probability of sharp decline was unlikely, either (the decline of factory quotation has gradually slowed down later this week), and it would be mainly weakly stable in the short term.

In the downstream, the price of raw iron ore and coke dropped sharply and the downturn of downstream demand brought the recent continuous decline in steel prices. The National Bureau of Statistics released on November 15 that the steel price fell again, price of rebar decreased by 8.3% and the price was 4923.8 yuan per ton; The Ministry of Industry and Information Technology released the operation of the iron and steel industry from January to October on the 17th, pointing out that the recent steel price has fallen sharply to the level at the beginning of March this year. Affected by environmental protection, production restriction and cold weather, the reduction of crude steel production in the fourth quarter would probably not be relaxed. In the short term, the steel market would continue the pattern of weak supply and demand.

This week, the domestic magnesium market continued to operated strongly. There were few factory stocks, downstream procurement followed up successively, and the export market was expected to be good. The market mentality turned optimistic with the quotation went up. On Friday, the ex-factory cash quotation including tax of 99.9% magnesium ingots in Fugu area was about 38000 yuan per ton, which was expected to focus on maintaining stability in the short term.

The opening price of 2201 main contract of ferrosilicon futures this week was 9,000, the highest price was 9,000, the lowest price was 8,136, the closing price was 8,318, the settlement price was 8,296, the trading volume was 582,853, and the position was 79,485, an decrease of -9.35%.

Below are ferrosilicon futures main contract 2201 daily specific performances of this week: