Silicon metal market continues to go up steadily in China because of higher production cost in winter. However, sources in South Korea told Asian Metal that the local market is relatively stable for the time being and end users are not ready to accept further price increase.
A trader in South Korea who booked 60t of 3-3-0-3 at USD1,690-1,700/t CIF Incheon told Asian Metal that Chinese suppliers have already started quoting USD1,750/t CIF Incheon for 3-3-0-3 this week. "But local customers are reluctant to accept this dramatic price increase for the moment. They still try to purchase silicon metal at prices as low as possible. And only if there is nothing for them to buy, they will have to accept the price rise," said the source who imports 400-500t of silicon metal from China a month.
However, the source is still confident about the future silicon metal market and he expects to see more demand from end users in South Korea late this November or early December.
A second trader in South Korea puts the price of 4-4-1 at around USD1,650-1,660/t CIF Incheon. The source is clear of the price rise in China. However, as he does not see much demand from his customers, he is in no hurry to increase stock at the moment. "We'll keep watching the market for some time, but I don't think silicon metal market will become weak because of this," said the source.
The source usually imports 100-200t of silicon metal from China each month and he believes the market price will start to increase quickly late this month in South Korean market.
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