The spot price of silicon iron is currently stable

Today's futures market: The main contract of silicon iron for January delivery closed at 6,150, down 0.7%, or 44 points, with an increase of 458 hands in open interest; In the spot market: Silicon iron's peak season demand is not good, and the price fluctuates at a low level. The cash ex-works price of 72% silicon iron blocks in the main production area is between 6,000 and 6,100 yuan per ton, and the price of 75% silicon iron is reported at 6,500-6,600 yuan per ton. The market price of 72% silicon iron blocks in Henan, a trade hub, is around 5,750-5,800 yuan per ton, and the price of 75% silicon iron blocks is around 6,250 yuan per ton.
Last Friday, Hegang's 75B silicon iron tender price for September was 6,450 yuan per ton, the August price was 6,630 yuan per ton, down 180 yuan per ton compared to the previous round. (9-month tender price of 7,450 yuan per ton, down 1,250 yuan per ton from the same period last year) The tender quantity of 75B silicon iron for Hegang in September was 2,501 tons, and the tender quantity in August was 2,536 tons, down 35 tons from the previous round. Silicon iron sales in some regions have improved, and the manufacturers' intention to raise prices is more obvious. Steel mill profits are hovering around the cost line, and steel mills are currently concentrating on purchasing in September; However, the output of rebar has increased, and the October tender is imminent, and the demand end is expected to improve.
Overall, the cost of silicon iron also provides some support for spot prices, and the current spot price is in the stage of repairing profit margins. With market sentiment still intact, manufacturers have high production intentions. At the same time, as the National Day approaches, demand is expected to recover. Therefore, it is expected that the price of silicon iron this week will fluctuate mainly.

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