Ann: Quarterly Update, page-7

GLOBAL FERRO-SILICON WRAP: China spot price ends October higher amid tighter production levels
The Chinese spot price propelled higher last week as supplies dropped in line with production, while the US market has eased as dealers look to the long-term market to provide clearer spot price direction.
China makes strong gains in October …and trend seen buoyant in near term US price eases on demand Europe cements stability Tight supply pushes up China price Supply constraints in China have pushed up ferro-silicon prices again in October, with the market up almost 4% in the past week.