[Market information] Ferrosilicon tender price of Shagang Group and HBIS Group was down by 160 yuan per ton and 170 yuan per ton to 6060 yuan per ton and 6050 yuan per ton respectively, which was under expectation.
[Spot market] This week, the ferrosilicon market is becoming more and more calm, with the supply and demand sides basically stable. Although there were some plants restarted operation, the impact of the events in Qinghai mining area is gradually weakening, and the total inventory of the delivery warehouse is still high, the production of spot is tight. Many factories in the main production areas say that they are "out of stock, not enough", which makes the manufacturers have strong willingness to stand up for prices. According to Ferro-alloys.com, the quotation of 72# was about 5650 yuan per ton, that of 75#was about 5850 yuan per ton; and that of 75# in fugu area of Shaanxi Province was about 5650 yuan per ton.
[Ferrosilicon futures 2010 contract] Opening price of ferrosilicon futures 2010 contract of this week was 5,708, highest price was 5,736, lowest price was 5,598, closing price was 5,608 and the settlement price was 5,632. The positions were 49,685 and the trading volumes were 260,917.
[Steel market] The market was entering into the peak season, but the terminal demand remained weak, the market lack strong support and was in a wait-and-see mood. On the other hand, the low profits of steel enterprises, and the production restriction policies in many places for environmental protection have brought some restraining effects on the supply side. According to the data, in the week for September 10, the production of rebar decreased by 107800 tons to 3.7154 million tons, an increase of 362400 tons on a year-on-year basis; the social inventory increased by 19600 tons to 8935800 tons, increased by 3545300 tons, and the factory inventory decreased by 86200 tons to 3581700 tons, an increase of 1341900 tons on a year-on-year basis; the apparent consumption of the week decreased by 44300 tons to 3.782 million tons, a year-on-year decrease of 202 thousand tons or 5%. It is expected that the steel market will fluctuate in the short term.
[Metal magnesium market] Stable production situation and weak downstream demand made the inventory accumulated and supply exceeded demand, the price of metal magnesium continues to bear downward pressure, hit a new low in about 4 years. Current cash quotation including tax of 99.9% magnesium ingots in Fugu area was around 12400 yuan per ton.