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Spot offers of 75%-Si ferrosilicon in Asia slipped this week amid a dearth of buying interest and competition from indirect shipments of Chinese material via Vietnam -- an unofficial channel, sources said a couple of days ago. The northwestern Chinese trader said export offers were around $1,130/mt FOB, down from $1,150/mt last week in view of lower domestic offers.
A northeast China-based trader, who heard offers at Yuan 4,400-4,500/mt ex-works, said: "The demand for ferrosilicon is weak and expected to stay weak till after the Lunar New Year as the Chinese steel mills' purchase season is over."
"Indirect shipment of the Chinese material via Vietnam (which has evaded the 25% Chinese export tax) has affected the direct Chinese export trades," the northwestern Chinese end-user said.
A South Korean trader said: "Cargoes from Vietnam are at $920-$940/mt CIF Busan, while those from China are above $1,000/mt FOB China. The price difference is big."
Meanwhile in Japan, the spot ferrosilicon import price slipped this week as weak demand pressured sellers.
Offers for Russian 75%-Si ferrosilicon were heard at $1,020-1,030/mt CIF Japan, while Chinese ferrosilicon exported via Vietnam and other countries, evading the 25% Chinese export tax, was trading below $900/mt CIF Japan, sources said.
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