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China’s ferro-silicon market has displayed weak momentum since the beginning of 2023, with decreasing supplies and demand between January and May 2023.
“Total ferro-silicon production volumes from January to May 2023 amounted to 2,331,400 tonnes, down by 11.83% compared with the same period last year,” according to Ferroalloy Industry Association general secretary Shi.
He said the main demand for ferro-silicon was from steel mills, but they were now moving to a greener, low-carbon development path and have reduced crude steel production year on year.
Another major source of demand for ferro-silicon is for the production of magnesium, which has been heavily affected by the shutdown of semi-coke furnaces, which resulted in demand for ferro-silicon to produce magnesium being cut short.
“To produce one tonne of magnesium requires 1.05 tonnes of ferro-silicon,” Shi said. “The total ferro-silicon demand [to produce] magnesium from January to May 2023 was 372,700 tonnes, down by 11.26% compared with the same period in 2022,” he added.
According to data from Chinese Customs, total ferro-silicon exports amounted to 146,500 tonnes in January-May, down by 44.61% compared with the same period last year.
Some industry insiders said that they do not expect the weak momentum to change this year, given the decline in ferro-silicon production volumes, dipping steel output and the sluggish magnesium market. fastmarkets
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- [Editor:kangmingfei]
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