On August 17, the average market price of 72 ferrosilicon in Ningxia was 7,700 RMB/ton, down 0.09% from the previous trading day and down 11.15% year-on-year.
Since August, with the marginal improvement in the profitability of steel mills, many steel mills have gradually resumed production, and there has been a certain increase in supply. However, under the influence of extreme weather and electricity consumption arrangements, the recovery of supply was limited.
Economic data weakened across the board in July, and pessimistic market expectations emerged. The price of raw material semi-coke increased, and coke started the second round of increase. Scrap steel prices rebounded rapidly, futures rebar repeated, and the spot trend of downstream steel prices fluctuated. At present, steel mills have basically completed the purchase of ferrosilicon in August, and the market transaction is generally average.
In the short term, the spot price of ferrosilicon has limited room to rise.
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