WEEKLY: China's FeSi prices remain rangebound

Chinese ferrosilicon (FeSi) prices kept rangebound during the week of May 6-12 as fundamentals for the ferroalloy were weak. On May 12, Mysteel assessed the spot price of 75% FeSi at Yuan 5,583/tonne ($822/t) including the 13% VAT, up by a tiny Yuan 3/t from April 30, the last working day before the May Day holiday over May 1-5.

Market participants expect more steel mills to return to the market and start their FeSi biddings for delivery this month, lending some support to spot prices. For example, on May 12, Hebei Iron and Steel Group (HBIS), a major steel producer in North China's Hebei province, released a bidding volume