Ferrosilicon Prices Held Steady in Vietnam

At present, the mainstream transaction prices of ferrosilicon in Vietnam market at 72%min and 75%min are usd 1,020-1,050 / ton cif Vietnam and usd 1,050-1,080 / ton cif Vietnam respectively, the same as at the beginning of last week, and the local spot market has few transactions. Market participants believe the price of ferrosilicon in Vietnam will fall in the coming week due to weaker demand compared with the same period last year.

A Vietnamese trader revealed that the lowest price he could accept for 72%min of ferrosilicon was $1,040 / ton landed in haiphong, the same as at the beginning of the week, and they had no deal this week. "I had a customer offer of $1,020 / ton for 50 tons, but I refused and renegotiated because the price of ferrosilicon in China is stable," he said, adding that the most recent order was sold at $1,040 / ton early last week and 100 tons at the same price at the end of September. He added that the Chinese market is relatively stable and their suppliers offer stable prices. He noted that demand from foundries was down more than 50% from last year and that demand was weak, with the price of ferrosilicon Vietnam falling to $1,000 / ton cif Vietnam in the coming week at 72%min. The trader's regular monthly trade volume of ferrosilicon is 200 tons, and the sales volume in September is 150 tons. The sales volume in October is expected to remain unchanged, and there is no inventory at present. "Our current offer for 75%min of si-fe is $1,090 / ton landed in haiphong. The first price sold this week is 50 tons, which is in line with the lowest price I could accept at the beginning of last week," another Vietnamese trader revealed on Wednesday. "My last order was in early September, when I sold 100 tons for $1,120 a ton. My two major steel mill customers are buying about 30 per cent less because demand is weak and steel mills are cutting production, "he said, adding that he could not cut prices because prices in the Chinese market were stable. He thinks the 75%min price will fall to $1,070 a tonne next week as demand weakens. The trader, which normally produces 300 tons of ferrosilicon per month, sold 100 tons in September due to the decline in demand. It is still expected to sell 100 tons in October and has no inventory at present.