Shanghai Sigma Metals Inc Fails to Complete Purchasing Target Due to High Silicon Metal Prices

SHANGHAI, Aug. 18 -- According to SMM sources, Shanghai Sigma Metals Inc has already ended its procurement tender for silicon metal using for production in September on August 18. However, the company didn't complete purchasing target volumes given the limited number of suppliers available and relatively high prices of silicon metal. They company totally purchased 200-300 mt of #553 silicon metal at prices above RMB 12,400/mt (delivering to factory). AS bidding prices for #2202 silicon metal were high above RMB 14,000/mt (delivering to factory), final purchasing volumes for #2202 silicon metal were not settled.

Although Shanghai Sigma Metals Inc didn't purchase silicon metal at its target volumes, the company still has some inventories. In this context, normal production at the company will not be affected. An official from the company told that the company will negotiate silicon metal prices with suppliers again later this month to complete its purchasing target.

Shanghai Sigma Metals Inc invites its regular procurement tender around 20th of each month for aluminum alloy production in the following month, mainly purchasing #553 and #2202 silicon metal.

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