Four Chinese ferrosilicon producers cut production in January

A total of 4 ferrosilicon manufacturers in China reduced production in January 2024, compared with 4 in December and 9 in the same period last year. The ferrosilicon manufacturers that reduced production in January were distributed in Shaanxi Province, 2 companies, 1 company in Inner Mongolia, and 1 company in Qinghai Province. In January, the above-mentioned four production-reduction manufacturers produced a total of 11,500.00 metric tons of ferrosilicon, a decrease of 5,000.00 metric tons from the previous month, with an average decrease of 1,250.00 metric tons per company.
In January 2024, the ferrosilicon market as a whole was under pressure. In terms of demand-side steel mills, terminal demand for steel products has dropped significantly, market transactions have shrunk, and production has also tightened. The steel market has shown a weak supply and demand pattern, and steel bidding prices have declined. In terms of demand-side magnesium, the overall magnesium market is operating at a weakening level, and demand from downstream users is sluggish. In response to the drop in magnesium prices, factories in major production areas have taken measures such as production cuts, thus reducing demand for ferrosilicon and further affecting the weakening of the ferrosilicon market. In terms of production, manufacturers often take measures to avoid peak production or reduce production to maintain price stability. However, if demand does not improve significantly in the later period, ferrosilicon prices may fall.
For more information on ferroalloy price trends and market conditions, please contact Hainan West Asia Group.

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