Ferro Silicon Price Falls in Vietnam

Due to the decrease of downstream demand, the mainstream price of ferrosilicon in Vietnam market at 72%min is down $20 / ton from the beginning of last week to $1,000- $1,030 / ton in Vietnam. The spot market transaction is stable this week. Industry insiders expect the price of Vietnam ferrosilicon will continue to decline in the coming week due to the price of the international supplier of ferrosilicon. A Vietnamese trader said he sold 50 tons of chinese-made ferrosilicon for $1,020 a ton landed in ho chi minh, down about $20 a ton from the beginning of last week. "I sold 75 tons at the beginning of last week at $1,050 / ton cif ho chi minh," the trader said, adding that he could follow suit as his major Chinese suppliers cut prices by about $20 / ton this week in response to sluggish overseas demand and a weaker yuan. Due to weak demand from steel mills due to lower steel product prices, he thinks the price of ferrosilicon will continue to slide to $1,000 / ton cif Vietnam in the coming week at 72%min. The trader, which regularly sells 300 tonnes of ferrosilicon per month, sold about 300 tonnes in September and is expected to be flat in October and is out of stock. Another Vietnamese trader said on Wednesday: "I am currently offering 72%min si-fe at $1,020 / ton cif haiphong. I sold 100 tons at $1,000 / ton cif haiphong at the beginning of this week, a slight decline of $20 / ton from the base price acceptable at the beginning of last week. My last sale was at the end of September, when I sold 120 tons at $1,030 / ton on shore of haiphong. Foundry consumption of ferrosilicon is down. I have sold 100 tons of ferrosilicon so far this month, down from 200 tons last month. As China's export price of ferrosilicon has eased due to weak overseas market demand, he thinks the price of 72%min ferrosilicon in Vietnam will drop to $980 / ton landed in Vietnam in the next week. The trader, which regularly sells 300 tonnes of ferrosilicon per month and 200 tonnes in September, is expected to sell 150 tonnes in October due to reduced demand and currently holds about 50 tonnes in inventory.