Bursa now trading at A$1.44 (Asx only A$0.98), page-30

	Column 1
0	FeSi Price in China Soars
1	= Thanks to the purchase of June contract by major steelmakers, the price increases drastically =[/B]
2	According to the local news report, as of June 9, the ferro-silicon price in China (with Si being 72% product) is CNY8,400 to CNY8,600, up by CNY700 from the end of May, and the price (with Si being 75% product) is CNY8,800 to CNY9,000, up by CNY300 ditto.A tight feeling immediately intensified in the market, because of the following reasons: (1) Chinese steelmakers really held tenders for June contracts; and (2) Shizuishan and Zhongwei in Ningxia autonomous region, the 2nd largest production area, successively announced restricting operation. In addition to this, speculators purchased the future contracts, anticipating high prices. As a result, purchase competition among users intensified.Although rebate for the value added tax at the time of export to some steel products was abolished on May 1 and there was a rumor in the market that the export tax would be imposed from July 1, the crude steel June production volume in China is expected to increase. As a result, the ferroalloy consumption volume as sub-raw materials is also expected to increase.