London 06 November 2009 14:38
Silicon outside of China traded higher on Friday as buyers come to the market to cover for the rest of year with the expectation that prices will firm further.
The range rose to €1,680-1,730 per tonne ($2,496-2,571) from €1,650-1,700 per tonne previously on increased sales and bullish sentiment.
One trader reported selling around 500 tonnes of silicon metal this week and noted more consumer enquiries from the automotive sector.
"We sold 553 and 441 between €1,700 and €1,800 [per tonne fca]," the trader said.
"Business has picked up this week. I think it will be like this until December," he said, adding that the spot market would remain firm given the tightness in supply.
Both Chinese and Western prices are on the rise, a second trader told MB, confirming a sale of 50 tonnes of 441 material at €1,730 fob.
"There isn't too much material around. I could have done more but it's not easy to buy [replacement] material," he added.
A consumer from the automotive sector reported buying silicon this week at €1,700 per tonne, but did not provide further details of the purchase.
More enquiries have turned into business, a European producer source said, having completed transactions of 100-tonne lots at €1,740 fob for 553 metal and €1,775 for higher grades.
"It seems like things are on the move up," he said, also attributing the rise in prices to a tighter market.
There have been some aggressive offers in the market, a third trader noted.
"I haven't done any business this week but we have been offered at around €1,700," he confirmed. ...
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London 06 November 2009 12:44
Antimony prices fell for the first time since mid-September on Friday as some smelters lowered their offers to secure sales.
Trioxide-grade metal dipped to $6,250-6,450 per tonne from $6,275-6,475 per tonne previously, while standard grade II antimony fell to $6,200-6,400 per tonne from $6,250-6,450 per tonne.
Prices had been holding firm on tight supply from Chinese suppliers following an accident at Hsikwangshan Twinkling Star in October that resulted in the closure of its mines.
Producers raised their offers in the wake of the closure, but consumers' reluctance to buy metal above $6,000 has put pressure on spot prices this week, traders said.
"The market price is a bit softer – some of the smelters have reduced their offers in order to make some sales," one trader said, reporting business at the low end of the new MB quotes.
Hsikwangshan's production is still suspended, sources said, but they agreed that weak demand from end-users is offsetting the effect of the closure.
Both major antimony consumers in Europe, Sica and Campine, have not been active in the spot market for several weeks, market participants said.
Lower spot prices for antimony ore are adding to the weakness in the metal market, the trader said.
"The ore price has been coming down for a bit," he said.
While buying from Sica and Campine has been slack, consumers in Japan and Korea are buying steady volumes of metal, Asian sources said.
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