The European ferro-silicon market has been generally quiet this month, with consumer needs mostly met through quarterly settlements. Spot prices for standard-grade material had increased in October as dealers bought material in advance of expected antidumping duties, with prices breaching 1,000 euros/tonne (1,480 dollars/tonne) for prompt deliveries late last month. There are large stocks in warehouses and the market is split on when that material will be used, whether by the end of December or early next year. Prices eased this month as the market realised that domestic stocks were more than adequate to meet demand. It is MBR's view that prices will be stable in the coming weeks until suppliers and consumers start first-quarter contract negotiations just before Christmas. We expect prices to be rolled over, or possibly achieve a small increase, for first-quarter deliveries next year. Stock levels and production costs will also influence the next round of negotiations.
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