Mar. 8 (Platts) -- China's spot ferrosilicon prices were assessed at $1,390-1,400/mt FOB China Thursday, up from $1,380-1,400/mt FOB China a week earlier, as sellers reported more deals and improved demand.
Chinese suppliers said they were able to close more deals this week after they relented on their offer prices.
A northwest Gansu-based trader sold 200 mt at $1,400/mt to a customer in South America, to load in April from Tianjin.
"Our customer wanted $1,400/mt and though this is our cost price, we agreed to that to maintain a good relationship with them," the trader said. The price was $20/mt lower than her company's offer of $1,420/mt last week.
An Inner Mongolia-based producer sold to several Japanese buyers at $1,390-1,395/mt this week, all to load in April from Tianjin, at a discount to the company's offer price of $1,400/mt FOB China.
"Demand is a bit better this week. We had more inquiries and transactions compared to last week," the smelter official said.
Sellers who did not close any deals this week maintained trading remained quiet for them. Other offer prices were heard in the range of $1,400-1,430/mt, with most surveyed saying they would be amenable to selling at $1,400/mt.
Prices are unlikely to deviate much from the current range in the near term, most suppliers predicted. "There aren't any major changes in the market that are expected to affect prices. Prices are likely to remain at the current low price range for a while," the first trader said.