SHANGHAI, Jan. 15 (SMM) --
This week, prices of domestic silicon metal still continued to decline slightly. Prices at port of # 553 silicon metal fell below RMB 12,000/mt and continued to fall further, with the lowest level at RMB 11,700/mt, as some cargo-holders moved goods at low prices. Prices of # 441, # 3303 and # 2202 silicon metal experienced a relatively small decline, with average prices lower of RMB 50/mt.
Arrivals of goods were not too many in Huangpu port since inventories levels were already high and goods must be moved to guarantee normal operation. It is reported that there were 5,100 mt inventories at Hongkai warehouse, and 4,100 inventories at Yuehua warehouse. Export market was brisker than last week as ordered goods should be shipped out before the Spring Festival. However, there were few newly-signed orders. Currently overseas purchasers all wanted to make purchase at lower prices, but domestic exporters couldn't accept their expectation.
SMM believes supply of goods will reduce and market will come back to be rational after cargo-holders moved some inventories. In addition, silicon producers' interest in offering firm prices is growing, and any room for price fell further will be limited. Domestic consumers will replenish stock to guarantee production during the Spring Festival. Export market is still hard to improve in the short term, and mainstream prices of # 553 and # 2202 silicon metal will remain in the RMB 11,800-14,200/mt range.
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