Statistics from the China Iron and Steel Association show that in the first ten days of March 2024, key steel companies produced a total of 20.5798 million tons of crude steel. The daily crude steel production this ten days was 2.058 million tons, a decrease of 3.38% from the previous ten days.
Due to weak demand from steel mills and magnesium ingot mills, China’s ferrosilicon 72%min and ferrosilicon 75%min prices both fell slightly this week. This week, China’s export price of ferrosilicon 72%min fell, while the export price of ferrosilicon 75%min fell slightly.Due to sluggish demand, the price of ferrosilicon 70%min in India fell this week.
European ferrosilicon 75%min prices remained stable this week due to firm quotations from manufacturers. This week, Russia’s ferrosilicon 65%min price showed a stable trend, and Russia’s 65%min export price stabilized.
The ferrosilicon market is running weakly. As the overall market sentiment is difficult to change, ferrosilicon production enterprises have increased production cuts, and the downstream steel recruitment and magnesium metal markets have failed to provide good support. In the short term, the ferrosilicon market is running weakly. In terms of strategy, ferrosilicon is currently on the sidelines.
